FHA 232 LEAN and Apartment Lending

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.

About US:

Our knowledgeable team has worked in the mortgage banking/investment banking industry for the past 27 years specializing in healthcare lending, multifamily housing, FHA and FNMA insured loans. Throughout our careers, we have originated and/or underwritten in excess of $745,000,000 in mortgage loans with a focus on apartments, assisted living facilities, senior housing, hospitals and skilled nursing facilities. Previously our team has worked for several NY-based investment banking/mortgage banking firm specializing in conventional and government-assisted loans. Chuck has been president of a FHA mortgage company and a developer. Scott was the VP of Origination for several FHA and FNMA lenders. He has extensive experience working on affordable housing as the Midwest Loan Officer for FNMA Multifamily Affordable Housing Products. We understand that the integrity of the loan officer for the loan quote and rate pricing can make a huge difference for FHA clients.

Partner with us:

Scott and Charles would like to become your multifamily lender contact. We utilizes HUD financing for apartment buildings, nursing homes and assisted living facilities. This could mean providing capital for acquisition, refinance and substantial rehabilitation of existing structures, or it could also involve construction financing for new to-be-built structures. For multifamily projects, there is no alternative financing that can compare to the benefits provided by HUD programs. These programs are non-recourse and do not require personal guarantees from shareholders of the owner corporations. For acquisitions or refinances, owners can borrow up to 85% LTV with DSC of 1.11, and for substantial rehabilitation or new construction, they can borrow up to 90% LTV with DSC of 1.17. The owners of buildings currently insured by HUD can borrow up to the original loan amount of the existing mortgage when completing a streamline refinance.

Amidst the current credit crisis in the financial markets, many conventional lenders face the fear of not being able to fund loans at the closing table. This is because investors in the secondary market have shied away from conventional mortgage backed securities, and hence, there is less liquidity left. With HUD mortgages there is more liquidity in the secondary market due to the insurance of the government. Therefore, borrowers have the security of knowing that their loans will close when using a HUD mortgage.

Scott and Charles Kendall combned have over fifty years of HUD underwriting and origination experience. We take pride in being a highly efficient, competitive and well qualified organization. Scott and Charles Kendall will continue to provide real solutions quickly and deliver our products with integrity.

FHA 232 LEAN Lender - FHA 242 - FHA 223 F Fannie Mae Freddie Mac Healthcare - FHA Multifamily

FHA APARTMENT LENDER FANNIE MAE - FREDDIE MAC - HEALTHCARE and HOSPITAL LOANS

Friday, January 30, 2009

FHA 232 LEAN and Apartment Lending

Commercial Mortgage - Apartment - Healthcare

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