|
Great
noo product for investors no
max on properties owned!!!
Fixed, 3/1 and
5/1 rates available fico needs
to be 720.
Eligible Properties:
To-be-built or substantial
rehabilitation projects that are
being refinanced or acquired
Nursing Homes, Intermediate
Care Facilities and Assisted
Living Facilities
Eligible Borrowers:
Profit motivated and
non-profit entities
Interest Rate:
Low fixed rate established by
market; spread over the 10-year
Treasury
Term(s):
Up to a 40-year permanent loan
plus construction period
Prepayment:
Negotiable, depending on
market conditions
No yield maintenance
Loan Amount(s):
$3,000,000 - $100,000,000+
Mortgage Loan Limitations:
The maximum insured mortgage
will be the lesser of:
The amount that can be
supported with debt service
calculated at 90% of the
remaining net
annual operating income, after
an allowance for proprietary
income (95% for non-profits),
or;
90% of the estimated eligible
replacement cost, including
major movable equipment, subject
to cost certification, (95%
LTV for non-profits) or;
90% of value upon completion
(95% for non-profits)
(For substantial
rehabilitation subject to
existing mortgage) 100% LTV of
the estimated cost of
rehabilitation plus the lesser
of (a) existing secured
indebtedness, or (b) 90% of
estimated fair
market (as-is) value prior to
rehabilitation (95% for
non-profits)
Mortgage Insurance Premium:
0.57% annually, 0.45% with
LIHTCs
Other Program Features:
Debt is non-recourse including
during the construction period
without carve-outs to the
sponsor
Fully assumable with prior FHA
approval
FHA insurance provides credit
enhancement for tax-exempt
financing
Full Application
Quick App
Credit
Resolution/Repair Form
Pre
Qualification Form -
No Credit Check
Required
Loan Modification
- Confidential Resolution Form
|
