FHA 232 LEAN
Apartment Lender FHA 223(f) - 242 Hospital refinance - FHA LEAN financing of Assisted Living Facilities and Nursing Homes - FANNIE MAE FREDDIE MAC APARTMENT AND HEALTHCARE LOANS - We have over twenty five years experience financing assisted living, senior housing and apartments.
FHA APARTMENT LENDER FANNIE MAE - FREDDIE MAC - HEALTHCARE and HOSPITAL LOANS
Showing posts with label FHA 232. Show all posts
Showing posts with label FHA 232. Show all posts
Wednesday, April 13, 2011
Sunday, March 29, 2009
LEAN 232 Pipeline as of March 20th, 2009
FHA LEAN Update - Deals in progress and closed by FHA to Date
posted by Kendall Realty Advisors
FHA # Requests – Purchase/Refinance – 221
FHA # Requests – New Construction – 49
FHA # Requests – Section 223(a)(7) - 1
FHA # Requests – Section 241(a) – 2
FHA # Requests – Sub-Rehab – 3
FHA # Requests – Section 223(d) – 2
Applications In (not closed) – Purchase/Refinance – 40 shortly)
Applications In (not closed) – New Construction – 6
Applications In – Section 223(a)(7) – 1
Firm Commitments Issued – 29
Applications CLOSED –Purchase/Refinance – 14
Applications CLOSED – New Construction – 1 (5 pre-apps completed)
The “Sample Closing Documents (including AR Financing)” link has been broken into two links - “Accounts Receivable Financing Documents” and “Sample Closing Documents”.
The most current closing checklist has been added to each loan type under “Lender Tools – Construction and Closing”.
We are in the process of uploading legal closing punchlists for all of the loan types. These punchlists will be posted under “HUD Legal Counsel Tools” (for Original Section 232/223f) or under “HUD Tools – Construction and Closing” (for the other tabs).
The link for the Intergovernmental Review that is listed in the endnotes on the Firm Application checklists under New Construction, Substantial Rehabilitation, and Section 232/241(a) has been revised. This changed with the new Administration.
As a result of our Beta Test on our first Early Commencement, we have added to and revised the documents that now appear under “Early Commencement of Construction” and “Lender Tools”.
posted by Kendall Realty Advisors
FHA # Requests – Purchase/Refinance – 221
FHA # Requests – New Construction – 49
FHA # Requests – Section 223(a)(7) - 1
FHA # Requests – Section 241(a) – 2
FHA # Requests – Sub-Rehab – 3
FHA # Requests – Section 223(d) – 2
Applications In (not closed) – Purchase/Refinance – 40 shortly)
Applications In (not closed) – New Construction – 6
Applications In – Section 223(a)(7) – 1
Firm Commitments Issued – 29
Applications CLOSED –Purchase/Refinance – 14
Applications CLOSED – New Construction – 1 (5 pre-apps completed)
The “Sample Closing Documents (including AR Financing)” link has been broken into two links - “Accounts Receivable Financing Documents” and “Sample Closing Documents”.
The most current closing checklist has been added to each loan type under “Lender Tools – Construction and Closing”.
We are in the process of uploading legal closing punchlists for all of the loan types. These punchlists will be posted under “HUD Legal Counsel Tools” (for Original Section 232/223f) or under “HUD Tools – Construction and Closing” (for the other tabs).
The link for the Intergovernmental Review that is listed in the endnotes on the Firm Application checklists under New Construction, Substantial Rehabilitation, and Section 232/241(a) has been revised. This changed with the new Administration.
As a result of our Beta Test on our first Early Commencement, we have added to and revised the documents that now appear under “Early Commencement of Construction” and “Lender Tools”.
Labels:
FHA 232,
FHA 232 LEAN,
FHA 232 LEAN LENDER,
FHA LEAN
Wednesday, March 18, 2009
LEAN PIPELINE AND CLOSINGS
LEAN 232 Pipeline as of March 6th, 2009
FHA # Requests – Purchase/Refinance – 208
FHA # Requests – New Construction – 41
FHA # Requests – Section 223(a)(7) - 1
FHA # Requests – Section 241(a) – 1
FHA # Requests – Sub-Rehab – 2
FHA # Requests – Section 223(d) – 2
Applications In – Purchase/Refinance –40 (with 18 more scheduled to come in shortly) Applications In – New Construction – 7
Applications In – Section 223(a)(7) – 1 Firm Commitments Issued – 18 Applications CLOSED –Purchase/Refinance – 9 Applications CLOSED –
New Construction – 1 closed - (4 pre-apps completed)
FHA # Requests – Purchase/Refinance – 208
FHA # Requests – New Construction – 41
FHA # Requests – Section 223(a)(7) - 1
FHA # Requests – Section 241(a) – 1
FHA # Requests – Sub-Rehab – 2
FHA # Requests – Section 223(d) – 2
Applications In – Purchase/Refinance –40 (with 18 more scheduled to come in shortly) Applications In – New Construction – 7
Applications In – Section 223(a)(7) – 1 Firm Commitments Issued – 18 Applications CLOSED –Purchase/Refinance – 9 Applications CLOSED –
New Construction – 1 closed - (4 pre-apps completed)
Friday, January 30, 2009
FHA 232 LEAN and Apartment Lending
FHA Apartment Loan Program going strong rates for GNMA 35 year 223(f) 232(f) GNMA still under 6%.
The FHA 232 LEAN program has closed at least 5 or 6 loans. The process is much faster but the new appraisal rules have reduced the loan amounts from pre-lean levels. The program still offers the best loan to values for owners not looking to cash out, and wanting to lock into long term debt, with 75% to 80% loan to values. The FHA 232 Lean New Construction is preparing for new loan applications under process with the lenders.
The underwriting guidelines are due out in March with the new debt service coverages and loan to value recomendations. Under LEAN the loan will based on the lenders recomendation of loan sizing after reviewing all information the on the transaction, the sponsor and the management.
The loans will be processed faster, and deals that are not over-leveraged, poorly managed, and that have strong sponsors will be funded.
Scott and Chuck Kendall have been financing FHA Healthcare and Multifamily loans since 1985.
The FHA 232 LEAN program has closed at least 5 or 6 loans. The process is much faster but the new appraisal rules have reduced the loan amounts from pre-lean levels. The program still offers the best loan to values for owners not looking to cash out, and wanting to lock into long term debt, with 75% to 80% loan to values. The FHA 232 Lean New Construction is preparing for new loan applications under process with the lenders.
The underwriting guidelines are due out in March with the new debt service coverages and loan to value recomendations. Under LEAN the loan will based on the lenders recomendation of loan sizing after reviewing all information the on the transaction, the sponsor and the management.
The loans will be processed faster, and deals that are not over-leveraged, poorly managed, and that have strong sponsors will be funded.
Scott and Chuck Kendall have been financing FHA Healthcare and Multifamily loans since 1985.
Thursday, January 8, 2009
Financing Nursing Homes And Assisted Living Facilities with the new LEAN Program
Many owners of nursing homes and assisted living projects have long preferred traditional bank lenders. However, the significant losses from the subprime meltdown—more than $500 Billion—have changed the rules and the ability of traditional lenders to finance loans. Most analysts project additional losses in the near future along with significant losses in automobile loans and credit card loans, which means conditions will become worse before they get better.
These losses force banks and financial institutions to seek capital to supplement their depleted base. Without a sufficient base, banks and financial institutions are unable to make new loans. Despite the infusion of cash from the Treasury, credit has not loosened. The projected size of current and future losses bring into question whether banks and financial institutions have the ability to raise the necessary additional capital and whether or not they will be making many loans in the near future.
The first type of loans that banks will cease making will be loans to nursing home and assisted living providers. Health care is a specialized market, and the number of banks willing or able to make these loans will diminish and the lending terms may become far more onerous. When Letters of Credit come due, banks will not have the ability to renew them.
Therefore, traditional, conventional financing in the near future is all but gone for practical purposes. Fortunately, FHA is rolling out their new LEAN program just as traditional bank and financial company financing is becoming more difficult. FHA recently reengineered its lending program for nursing homes and assisted living facilities by transferring the responsibility to the Office of Insured Health Care Facilities. This transfer has resulted in “THE LEAN PROGRAM,” FHA’s new way of doing business.
This new program addresses the most frequent complaints FHA lenders and facility owners have had with traditional FHA processing: the lengthy processing time, the inconsistent answers, and an inability to complete transactions in a consistently reasonable time frame. The new program promises the ability to close a transaction within thirty days of the day the lender files its application for mortgage insurance.
FHA now not only has a program that is—and always will be—available, offers fantastic terms, but also has the ability to deliver the financing with a rapid turn around, without the previous FHA headaches.
We have over 45 years experience dealing with FHA, and can help you through every step of the way. Each development is unique, of course, and we can help you determine your specific needs and determine the best way to achieve your objectives.
Please call or email us at your earliest convenience.
Very truly yours,
Charles E. Kendall
President
Kendall Realty Advisors
These losses force banks and financial institutions to seek capital to supplement their depleted base. Without a sufficient base, banks and financial institutions are unable to make new loans. Despite the infusion of cash from the Treasury, credit has not loosened. The projected size of current and future losses bring into question whether banks and financial institutions have the ability to raise the necessary additional capital and whether or not they will be making many loans in the near future.
The first type of loans that banks will cease making will be loans to nursing home and assisted living providers. Health care is a specialized market, and the number of banks willing or able to make these loans will diminish and the lending terms may become far more onerous. When Letters of Credit come due, banks will not have the ability to renew them.
Therefore, traditional, conventional financing in the near future is all but gone for practical purposes. Fortunately, FHA is rolling out their new LEAN program just as traditional bank and financial company financing is becoming more difficult. FHA recently reengineered its lending program for nursing homes and assisted living facilities by transferring the responsibility to the Office of Insured Health Care Facilities. This transfer has resulted in “THE LEAN PROGRAM,” FHA’s new way of doing business.
This new program addresses the most frequent complaints FHA lenders and facility owners have had with traditional FHA processing: the lengthy processing time, the inconsistent answers, and an inability to complete transactions in a consistently reasonable time frame. The new program promises the ability to close a transaction within thirty days of the day the lender files its application for mortgage insurance.
FHA now not only has a program that is—and always will be—available, offers fantastic terms, but also has the ability to deliver the financing with a rapid turn around, without the previous FHA headaches.
We have over 45 years experience dealing with FHA, and can help you through every step of the way. Each development is unique, of course, and we can help you determine your specific needs and determine the best way to achieve your objectives.
Please call or email us at your earliest convenience.
Very truly yours,
Charles E. Kendall
President
Kendall Realty Advisors
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