One of the more frustrating aspects of borrowing money, particularly HUD funds, rests with the queue. New borrowers must start at the end of the queue and work their way through a sometimes confusing and complex maze. It increases wait times and makes it difficult to get timely answers to questions, and even more burdensome to problem-solve. However, you won’t get stuck in a long queue with Cambridge, says Cambridge Realty Capital President Jeffrey Davis. Being a small, boutique-style company with a narrow specialty, “Cambridge is able to deliver a much more efficient process for obtaining funding.”
In a conventional institution, new requests and applications are assigned to an entry-level agent. The agent helps the borrower gather documentation and fill out the application. The agent has no authority and sometimes doesn’t have the skills or insights to anticipate all of what the client must bring to the table in order to increase the odds of an efficient process and successful outcome.
The application will then get passed up the chain if authority until it reaches the decision maker, the person or, sometimes a committee, with the power to grant or deny funding. This process alone can add weeks, or more, to your overall wait.
That’s why borrowers find it so refreshing to work with Cambridge. Being a smaller firm, the borrower’s application goes right to the decision-maker. There is no middle management, and your application doesn’t have to be reviewed by a committee.
Chris Hyldahl quickly discovered this when his company, Blueprint Healthcare Real Estate Advisors, brokered a unique deal in which Cambridge would give a fledgling new nursing home operator a leg up. The young operator wanted to purchase two facilities from their owner. However, he was inexperienced and unproven and had been rejected for financing from other institutions unwilling to take a chance on him.
Hyldahl approached Davis with the idea for Cambridge to purchase the facilities under the agreement that if the operator could turn the underperforming properties around, Cambridge would sell them to him within two years. The arrangement turned out to be mutually successful and the operator was able to become an owner. Hyldahl’s company later brokered the sale of four more Cambridge-owned assisted living and memory care facilities. Hyldahl was impressed by how easy it was to access the decision makers in each of the transactions. “The company functions as a tight-knit crew that keeps everyone in the information loop and makes important decisions quickly,” he asserted. “The company doesn’t have a corporate feel to it. Cambridge is extremely professional, well organized, punctual and decisive. And there’s no waiting around for a committee or board to pass or fail a project.”
Lawrence Yablong, President of LaSalle Realty of Chicago and Denny Howell, CEO of Howell Investment Finance of Ames, Iowa, both had similar reactions to working with Cambridge. Said Yablog, “What we’ve noticed is that other lenders tend to be more bureaucratic and respond to our needs by committee. With Cambridge there is mutual respect and straightforward answers to any questions we might have.” Howell commented “[What Cambridge] doesn’t do is waste anyone’s time. Cambridge is not a large company that takes forever to get an answer from someone in another office across the country. With Cambridge, I often hear back the same day or the next day and quite often, I’m talking directly to the decision-maker.”