DID YOU KNOW?
Salmon often travel 31 miles per day on their spawning journeys – this would be like running more than a marathon every day! At Love Funding, we also go the extra mile for our clients.
Below are a few examples of how we’ve gone above and beyond to offer the best possible financing experience for our clients:
At the time of engagement, our client informed us that if we were able to close all four HUD 223(f) refinance transactions by a specific date, the prepayment penalty on his existing notes would be reduced by 25 basis points. This equated to a significant amount of savings on $60 million in existing debt. In order to make this achievable for the client, the entire team banded together and created a specific timeline for this repeat borrower to follow. The client followed our lead and provided us with all of the information we asked for in a timely manner. Additionally, HUD production, asset management and legal staff in the Multifamily Southwest region all performed at a very high level. The cooperative teamwork of all involved enabled the closings to occur in 135 days (engagement to closing)!
“We were under a tight timeframe to complete the refinances of the Villas properties. The Love Funding team guided us all the way through and enabled us to beat our deadline. They possess a tremendous amount of knowledge and expertise, both of which are essential when using the HUD programs.”
“This particular project sat right behind the high school I attended in downtown Cleveland, my hometown. I had a sense of pride in the deal and knew, no matter what, I wouldn’t let it fail.”
WEST 25th STREET LOFTS
Love Funding was proud to help secure financing for West 25th Street Lofts, a market-rate development, using state and Federal historic tax credits, city funds, and a tax abatement along with the HUD-insured loan. This was also an adaptive reuse project that took multiple buildings, some that were nearly 130 years old, and converted them into high-end market rate units. We helped the client overcome many hurdles, and after many ups and downs, we successfully closed the deal. While the work we do isn’t always easy, seeing the finished product makes it all worthwhile.
RiNo CENTER APARTMENTS
We persuaded HUD to finance a project of vision by applying our expertise in apartment construction. Block 32 at RiNo is a 205-unit, market-rate apartment building in Denver’s River North neighborhood. We used our industry knowledge and expertise to secure a low-rate non-recourse HUD-insured loan for our borrower that ultimately helped spur additional urban development in the surrounding neighborhood.
At Love Funding, we know HUD loan programs inside and out. We have the knowledge and expertise to ensure a smooth transaction, and we’ll always go the extra mile for you. We are grateful for the opportunity to work with you and hope to serve as your lending partner for many years to come.