News - 2006
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2005-055
Red Mortgage Capital Provides FHA Financing for Nursing Facility
Columbus, OH, April 1, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP recently processed an FHA Insured mortgage loan to refinance an existing FHA Insured nursing home in Maryland.
Northampton Manor is a three-story, 180-bed nursing home facility located in Frederick, Maryland servicing Medicare, Medicaid and Private Pay residents.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded a $6,941,500 non-recourse loan insured under FHA’s Section 223(a)(7) mortgage insurance program. The FHA insured loan was processed through the HUD-Baltimore office.
Kevin Korn, Vice President of Red Mortgage Capital, Inc. said, "Once again, it was a pleasure working with Perini Services, Inc. in structuring the refinance. The refinancing significantly reduced the facility’s debt service and will prove to be beneficial to the facility, its residents and HUD for years to come."
