| Property Types: |
Skilled Nursing (Skilled and Intermediate Care), Assisted Living and Board and Care |
| Eligible Borrowers: |
For profit and non-profit entities |
| Loan Amount: |
No Minimum/No Maximum |
| Region: |
Nationwide |
| Term & Amortization: |
Up to 35 years and fully amortizing |
| General Loan Terms: |
The maximum loan is the lesser of:
- 80% (90% non-profit) Loan To Value
- 1.45x DSCR
- 100% of the cost to refinance including repairs
- 80% of acquisition costs
|
| Interest Rate: |
Fixed rate subject to market conditions at the time of rate lock |
| Recourse: |
None except standard carve outs |
| Assumable: |
Yes, subject to HUD approval |
| Prepayment: |
Negotiable. Typically loans are prohibited from prepayment for the first 2 years then an 8% penalty declining 1% each year thereafter until 0% |
| Mortgage Insurance Premium: |
1% upfront and .5% annually |
| Other: |
- Cash out refinancing not permitted
- Escrows required for repairs, mortgage insurance premium, taxes, insurance and replacement reserves
- Third parties include an appraisal, property condition/needs assessment and Phase I
- Secondary financing is allowed subject to HUD approval, however, Loan to Value must not exceed 92.5% and the form of secondary financing must be in that of a surplus cash note
|
