Glitches in loan applications are more often the norm than the exception, especially when it comes to dealing with government entities. However, according to the owner of Traditions Senior Living & Memory Care, Cambridge fields glitches like a pro.
Traditions Senior Living & Memory Care is owned by a small, family-run company and was looking to refinance a previously acquired property. The community had been acquired a few years earlier and had been underperforming at the time. After making a number of operational changes, the community was operating as it should and the owner was now seeking more permanent, long-term financing with terms more favorable than the bridge loan used to acquire the community.
A HUD loan made the most sense, so the owner approached a number of different lenders looking for favorable offers. “Cambridge was the one that came back with what I felt were great terms and conditions,” Scott Lundy stated. “Through Cambridge, we were able to refinance the community long term at a lower interest rate so we could focus on what was most important, our residents.”
While the deal seemed relatively straightforward, Lundy knew that glitches are never out of the question. One that couldn’t be helped was the longest US government shutdown in history that started December 22, 2018, which delayed closing by five weeks. Cambridge Managing Director Sampada D’silva and Senior Financial Analyst Jerry Huang, whom Lundy worked closely with throughout the process, worked tirelessly to complete Cambridge’s part of the deal in a timely and efficient manner to minimize the impact of the delay. “Cambridge is very good at controlling what they are able to control,” Lundy asserted. “They did a great job.”
Lundy didn’t lose sleep worrying about the deal, feeling that Cambridge was highly qualified in its field and that his company would ultimately get the permanent funding it needed. Most importantly, Lundy was able to focus his time and energy on operations. Lundy agreed that, based on the outcome of the deal and his overall experience with Cambridge, he wouldn’t hesitate to work with them again in the future.