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Home > ... Federal Financing Updates > 10-17-06 Montana 202 Refinance
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Two-year refinance delay resolved after provider switches to Lancaster Pollard
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COLUMBUS, Ohio (Oct. 17, 2006) – An affordable senior living community in the northwest corner of Montana will be able to renovate its kitchens and bathrooms through a refinance provided today by Lancaster Pollard.
Whitefish Manor, a 30-unit Section 202 community, had been trying to refinance for two years to preserve its 24-year-old building. After starting the process with another lender and running into extensive delays, Whitefish Manor switched to mortgage banker Lancaster Pollard. The organization was able to access $1.2 million to repay higher-rate debt and fund repairs.
The refinance provides a total of $183,383 in upgrades, including new kitchen cabinets, stoves and sinks, and new bathroom sinks and exterior paint for every apartment. Lancaster Pollard also was able to access a $27,694 developer’s fee for the property to reimburse itself for refinancing efforts. The developer’s fee and an initial replacement reserve deposit of $91,408 assure adequate funding for future repairs.
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