News - 2006
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2006-011
Red Mortgage Capital Provides $6.3 Million FHA Refinance Loan for Property in Maryland
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 and assisted living facility in Calvert County, Maryland.
Solomon’s Nursing Center was originally financed with an FHA Section 232 insured mortgage loan, and consists of a 125-bed nursing and assisted living facility that was completed in 1996. The facilityis comprised of 46 private and semi-private skilled nursing rooms with a total of 87 beds in a single story building, and an adjoining two-story building which houses 38 assisted living units.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded the $6,386,800 223(a)(7) refinance which significantly reduced the mortgage rate. The FHA insured loan was processed through the HUD-Baltimore office and is owned by Solomon’s Nursing Center, Inc.
Kevin Korn, Vice President of Red Mortgage Capital, Inc. said, "The refinance generated significant debt service savings, thereby assuring the owner’s continued ability to provide a quality facility for its residents and community."
