HUD Programs

Healthcare

Refinance of FHA Loan

The HUD 232 / 223(a)(7) program provides a streamlined process for borrowers with existing properties insured by FHA to lower their interest rate, increase the loan term and replacement reserves, and complete repairs that extend the economic viability of the project.

As part of the streamlined process, borrowers are not required to secure a new appraisal, market study or environmental assessment. A new PCNA (Property Capital Needs Assessment) is required as part of the application.

Minor repairs ($1,500 per unit), improvements, and transaction costs can be included in the loan, and Davis-Bacon wages are not required for repairs completed as part of the 223(a)(7) refinance. Additionally, money spent on repairs prior to the new loan may be included in the loan amount with HUD approval.

Typically, the 232 / 223(a)(7) program takes about 90 days to complete.


Creative Solutions

As direct FHA, HUD and USDA lenders we offer the broadest range of healthcare and senior housing financing solutions available. Our programs provide financing for acquisitions, refinance, new construction and rehab projects. Many programs offer 75-90% financing, non-recourse provisions and low fixed rates for 35-40 years.

Each loan is underwritten by experienced healthcare professionals who understand both the challenges facing healthcare providers and potential market opportunities.

We realize that there are many financial terms and conditions, such as loan to values, debt coverage ratios, and prepayment issues that a borrower needs to fully understand prior to determining the best option. We invite you to call us; we will prepare a free financial analysis which clearly outlines all your options.

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