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Best Ever, Cambridge Says

Six months score on refi boom

July 31, 2003

By MortgageDaily.com staff


The first half of 2003 was the best ever for a senior housing and healthcare lender, the company said.

According to Cambridge Realty Capital Companies, the company closed transactions totaling $140.7 million in the past six months. 2002's total transactions were $154.9 million, the statement said.

Cambridge reported that the all 10 of this year's transactions involved HUD-insured loans.

"Increasingly, the owners and operators of properties currently encumbered with HUD financing are turning to the HUD 223(a) 7 refinance program, which enables borrowers to significantly reduce interest rates while using less administrative processing and underwriting time. All of the transactions closed by Cambridge in the first half refinanced existing first mortgage loans," said company chairman Jeffrey A. Davis.

The Chicago-based lender reported that 2,589 beds and/or units were funded by Cambridge between January and June.

"Borrowers are discovering that even with higher prepayment penalties the benefits of today's low interest rates and expedited properties more than make up for any time and expense associated with the transaction," Davis said.



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