HEALTHCARE ACQUISTION/REFINANCE LOAN PROGRAM

Eligible Properties Nursing Homes, Res Care, Elderly Housing, Hospitals Assisted Living Facilities, Independent Living
Borrower

Corporations, Individuals, Revocable Trusts, maximum 2 member LLC (no sub entities). Must be a single purpose entity.
Loan Amount Minimum $500,000 - no max.
Loan Term 5-35 Years.
Interest Rate Fixed: Fixed and variable rate programs. Maximum 35 years fixed.
Amortization Maximum 35 years.
Recourse Both non-recourse and recourse programs.
Assumability Assumable, subject to approval and applicable fees
Prepayment Depends on program.
Debt Coverage Ratio Range from 1.18 x's to 1.40 x's.
Loan to Value 75-85%.
Debt Coverage Ratio Case by Case.
Minimum Beds 20
Receivable Financing Permitted with consent by lender and acceptable Accounts Receivable form and Intercreditor Agreement.
Occupancy/Vacancy Min. occupancy of 70%. Vacancy will be greater of actual, market or 5%.
Insurance Requirements Varies.
Third Party Reports Typically $10,000 for non HUD programs and $25,000 - $30,000 for HUD's 35 year program.
Covers environmental, engineering, appraisal, survey, and AUP reports and some closing costs.
Escrows Monthly tax, insurance and replacement reserves to be collected.
Reserves Greater of $300/unit or actual based on engineering report escrowed at closing 125% of repairs required reserve.
Management Fee The greater of actual, market or 5%.
Loan Request Package

Include the following in your request for a loan quote:

1. Personal Financial Statement
2. Census Report
3. Past two years financial statements on property
4. Sources & Uses Statement
5. Digital Photos of the property

HEALTHCARE PROGRAMS

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