Cambridge creates bridge lending program
Cambridge Realty Capital Companies has created the Cambridge Signature Bridge Lending Program to help with HUD financing.
“In recent years, we've seen an increased demand for a direct bridge lending platform from borrowers seeking to obtain HUD financing but unable to do so because of timing issues or being unable to meet certain HUD requirements,” said Chairman Jeffrey A. Davies. “In today's dynamic and competitive senior living environment, a bridge loan can be an essential provisional step before securing permanent, long-term financing.”
Cambridge will partner with a limited core group of capital partners to fund the bridge transactions. In the new arrangement, capital partners will have an opportunity to fund loans that Cambridge believes will qualify for HUD financing in one to three years.
Loans are expected to range from $5 million up to the amount the partner can fund.
Cambridge has closed more than $5 billion in senior housing/healthcare financing for more than 450 facilities, the company said.