Love Funding Secures $10.5 Million Bridge-to-HUD Construction Loan for Transitional Rehabilitation Facility
Love Funding obtained a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma, Arizona. The 32,000 sq. ft., state-of-the-art facility will offer 100% Medicare and managed care beds and will provide the community with 41 private studios featuring top-of-the-line amenities.
Love Funding Senior Director Leonard Lucas secured the bridge loan with Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding in the developer/operator’s portfolio.
The speed at which Midland States Bank processed and closed this bridge loan enabled the borrower to quickly enter the Yuma marketplace. At the same time, Love Funding pre-underwrote the loan using HUD’s guidelines to give the borrower the comfort of knowing a long-term HUD take out is available.
Love Funding’s bridge-to-HUD platform is an interim financing solution when quick executions are required or HUD regulations dictate the need for interim financing. Introduced in May 2015, the platform provides bridge financing for qualified borrowers seeking long-term HUD financing to acquire, refinance, or take equity out of a project.