Hidden Valley Assisted Living and Memory Care

The Opportunity

Michael Wright, the owner of Hidden Valley, an assisted living and memory care center in Ogden, Utah, found himself in a difficult position. His bank wasn’t extending the bridge loan that was used to build the facility in 2017. Michael had planned on refinancing with a HUD loan, but because of the financing deadline set by his bank, he wouldn’t make it through the HUD qualification process in time.  

With a HUD loan no longer an option, Michael was looking to refinance with an SBA loan and find a new lender. 

The Challenge

A friend and broker of Michael’s helped him shop the deal around. Other lenders weren’t interested in refinancing the loan because the facility was still young and financials were weak because of COVID. Michael’s broker got in contact with a loan officer at Celtic, and it quickly became clear to them that Celtic was the way to go. 

His loan officer recognized the potential and worked quickly to get the loan approved. “I think she really knows what she’s doing and really helped us move through this process quickly,” said Michael.  

While Hidden Valley had been impacted by the pandemic, the loan was secured by real estate and Michael had outside income to cover any gaps in cash flow, enabling Celtic to extend a $5.8MM 504 loan.  

The Solution

It took 53 days, from application to disbursement, to fund the loan and the impact on Hidden Valley has been immediate. “It’s enabled us just to take the worry of getting refinanced off the plate so we can focus on running our business,” Michael said.   
 
Now, Michael and the staff of Hidden Valley can focus on what matters most – caring for its residents.