Refinancing
- Apartments
- Assisted Living
- Nursing Homes
- 35 Year Term
- 35 Year Amortization
- No Personal Liability
- Fully Assumable
- Maximum Loan is the Lesser of
- 100% of Allowable Cost
- Payoff Existing Mortgage
- Financing Cost
- Repairs
- Initial Deposit to Replacement Reserve
- 85% Debt Service Mortgage - The maximum
loan that can be supported by 85% of the projected Net
Operating Income
- 85% of Appraised Value
Non-mortgagable Cost
- 50% of estimated repairs (LOC or Cash) -
Held until repairs are complete.
- Tax and Insurance Escrow
- One Month MIP
*Typical Processing Steps
- Pre-app meeting with FHA
- Firm Application Submitted will include:
- Appraisal and Engineering Report (Fast
Track)
- Credit and financial information on
limited partners with over 25% interest, all general
partners and 10% stockholders.
- Verified working capital sufficient to
meet all closing obligations including letters of credit
* Many Field Offices now offer Fast Track that
guarantees 90 turnaround, which may follow different processing
steps than described above.
Download our Sample Spreadsheets here:
Microsoft Word Format - 223(f)
(58.50 KB)
Microsoft Word Format - 223(f)/232
(66.0 KB)
Word Perfect Format - 223(f)
(22.80 KB)
Word Perfect Format - 223(f)/232
(28.11 KB)
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