Despite years of complying with mortgage payment terms, Hope Homes Foundation in Ohio learned it unintentionally had violated a requirement in its loan documents with its bank partners. As a result, the organization was experiencing stress and uncertainty, caught in a cycle of one-year renewals.
Hope Homes Foundation urgently needed to find a new lender for existing loans on four properties, in addition to moving its primary banking relationship to a new bank. The four loans from IFF totaling $611,808 are refinancing the existing debt, providing firm financial footing for the agency, and preserving 21 beds in six units on properties in Akron, Hudson, Stow, and Wooster.
Founded in 1966, the agency develops and provides housing, residential services, supported living services, and day services for people with developmental disabilities and other special needs. Through various programs, Hope Homes Foundation serves 104 adults with disabilities, all of whom have a low to moderate income.
Tags: : Capital Solutions