LAWTON — Love Funding, a provider of FHA multifamily and health care financing, announced the closing of a $2.81 million loan refinancing for White Oaks, a 72-bed assisted living and dementia care facility in Lawton.
Love Funding First Vice President Robert L. Smallwood of the Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. Using the program helped generate about $28,500 in annual debt savings and pay off a 6 percent pre-payment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.