After applying for an FHA-insured HUD loan and agreeing to put themselves through a process that can have its tedious moments, the last thing any borrower wants to put up with is attitude, indifference or incompetence.
As J.P. Bailey, the entrepreneurial developer and owner of the Trinity Station continuing care retirement center in Flatwoods, KY., puts it: “No one wants to be treated like a distant relative.”
For Trinity Station, Cambridge Realty Capital arranged a bridge loan to meet the company’s immediate financial objectives. The loan was also structured to anticipate the borrower’s goal of qualifying for more desirable HUD financing at a future date.
“We found Cambridge to be exceptionally responsive, accessible, knowledgeable and personable,” Mr. Bailey reports.
He’s not the only one who feels this way. Jerry Nudo is Vice President of Acquisition and Finance for Chicago-based Marc Realty, Chicago’s premier commercial property investment and management firm. Marc has partnered with Cambridge Investment and Finance Company, Cambridge’s acquisition arm, to acquire long-term care properties and lease them back to owner/operators.
“Everyone says they’re good. Cambridge backs it up with an impressive list of closed transactions,” he says.
“If Cambridge is presenting their acquisition deal or loan, it’s like being introduced to the funding process by an old friend as opposed to someone off the streets. If Cambridge says a deal has merit, this means something to capital sources. The Cambridge staff is smart, hard-working and totally focused on getting customers the loans they want most. Not many people can do that,” he added.
LaSalle Realty Inc. President Lawrence Yablong thinks the most impressive thing about working with Cambridge is the strategic thinking the company is able to focus on the HUD lending process. He’s also impressed with the company’s service ethic.
“What we’ve noticed is that other HUD lenders tend to be more bureaucratic and respond to our needs by committee. When working with the Cambridge staff, there is mutual respect and straightforward answers to questions we might have.
“We expect Cambridge to put up hoops for us to jump through. I just ask how high and how many there will be,” he said.