Affordable Housing Projects Beginning to Receive Stimulus Funds

Affordable Housing Projects Beginning to Receive Stimulus Funds

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NEWS

FHA 223(f) Apartment Refinance - Now Lending on newer properties, Properties completed prior 2009 but not three years old can request waiver due to the financial crisis and lack of financing alternatives. Limit 80% with cash out 85% no cash out or purchase. FHA lends on Market Rate Apartments this is not an new.

FHA 232/2223(f) Loans must be processed using NEW LEAN Guidelines for assisted living facilities.

FHA 242/223(f) Hospital Refinance NEW program designed to save Hospitals Interest Expenses

About Us:

Our knowledgeable team has worked in the mortgage banking/investment banking industry for the past 24 years specializing in healthcare lending, multifamily housing, FHA and FNMA insured loans. Throughout our careers, we have originated and/or underwritten in excess of $745,000,000 in mortgage loans with a focus on acute care hospitals, assisted living facilities, senior housing, and skilled nursing facilities. Previously our team has worked for several NY-based investment banking/mortgage banking firm specializing in conventional and government-assisted loans. Chuck has been president of a FHA mortgage company and a developer. Scott was the VP of Origination for several FHA and FNMA lenders. He has extensive experience working on affordable housing as the Midwest Loan Officer for FNMA Multifamily Affordable Housing Products. We understand that the integrity of the loan officer for the loan quote and rate pricing can make a huge difference for FHA clients.

Partner with Us:

Scott and Charles would like to become your multifamily lender contact. We utilizes HUD financing for apartment buildings, nursing homes and assisted living facilities. This could mean providing capital for acquisition, refinance and substantial rehabilitation of existing structures, or it could also involve construction financing for new to-be-built structures. For multifamily projects, there is no alternative financing that can compare to the benefits provided by HUD programs. These programs are non-recourse and do not require personal guarantees from shareholders of the owner corporations. For acquisitions or refinances, owners can borrow up to 85% LTV with DSC of 1.11, and for substantial rehabilitation or new construction, they can borrow up to 90% LTV with DSC of 1.17. The owners of buildings currently insured by HUD can borrow up to the original loan amount of the existing mortgage when completing a streamline refinance.

Amidst the current credit crisis in the financial markets, many conventional lenders face the fear of not being able to fund loans at the closing table. This is because investors in the secondary market have shied away from conventional mortgage backed securities, and hence, there is less liquidity left. With HUD mortgages there is more liquidity in the secondary market due to the insurance of the government. Therefore, borrowers have the security of knowing that their loans will close when using a HUD mortgage.

Scott and Charles Kendall combned have over fifty years of HUD underwriting and origination experience. We take pride in being a highly efficient, competitive and well qualified organization. Scott and Charles Kendall will continue to provide real solutions quickly and deliver our products with integrity.

FHA 223 F Apartment - FNMA DUS LOAN - Freddie Mac - FHA 232/223F - Affordable Housing Finance

Refinance or Purchase Loans $750,000 and up New Construction $3,000,000 and up

FHA 223(f) - FHA 232/223(F) FHA 242/223(f) - Fannie Mae - Freddie Mac

Friday, September 11, 2009