This is a California loan program

Great non owner occupied program for investors - no maximum on properties owned by borrower

Terms available:

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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

Terms:

Up to a 40-year permanent loan plus construction period

Prepayment

Negotiable, depending on market conditions

No yield maintenance

Loan Amounts

$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 LIHTC’s

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