HHC Funding & Congressional Bank Close $16.5MM in Financing
Housing & Healthcare Finance announced its affiliate company, HHC Funding, and Congressional Bank, recently closed and funded four loans to six healthcare facilities located in Florida, Maryland, Oklahoma and Texas. The loans, with aggregate commitments totaling approximately $16.5 million included both asset-based lines of credit and a bridge-to-HUD term loan. Proceeds were provided to facilitate acquisitions in addition to refinancing an existing line of credit. In connection with the aforementioned refinancing, Housing and Healthcare Finance provided the company with a HUD 223(a)(7)refinance.
“We are very pleased to have closed these loans to meet the financing needs of our clients. When we established this lending platform one year ago, we set out believing that there was a need in the marketplace to provide asset-based lines of credit and real estate bridge financing solutions in the $1 million to $7 million range, which is a space that many traditional healthcare lenders have typically shied away from. The portfolio growth that we have achieved in such a short period of time, proves that a high demand for our product exists. However, I believe the key to this success is truly a function of our strong client relationships, focus on customer service and ability to provide creative and flexible loan solutions. We have a very active pipeline of new loan transactions and are poised for continued growth within all areas of the healthcare industry,” said Amy Heller, SVP of Congressional Bank.
“Our deep expertise in healthcare finance has enabled us to provide a flexible working capital solution that is exactly what healthcare borrowers need. In addition to being the leading HUD healthcare lender in the country, we want to provide our clients with a complete range of financing solutions,” said Rich Lerner, director at HHC Funding. “We value our strong relationship with Congressional Bank and look forward to expanding our reach in the healthcare finance marketplace.”