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Sims Mortgage Funding, Inc. Closes New Jersey Lean Refinance Transaction |
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In January 2010 Sims Mortgage Funding, Inc. (SMF) closed a $17,016,100 FHA-insured loan for the Delaire Nursing and Rehabilitation Center, a 280 bed healthcare and assisted living facility in Linden, NJ. Proceeds from the new loan were used to prepay the project’s existing FHA-insured loan, which SMF originated in 2002 in connection with the borrower’s acquisition of the facility. The refinance loan was insured under the Section 223(a)(7) program and was funded with taxable GNMA mortgage backed securities at an interest rate of 4.48% and a 35-year maturity. The application for mortgage insurance was processed under the Lean program; from submission to HUD approval to closing took 122 days. |
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Sims Mortgage Funding, Inc. (SMF) originates Federal Housing Administration (FHA) insured loans for the construction, rehabilitation, acquisition and refinancing of healthcare, senior housing and multifamily rental projects. Established in 1984, SMF is a subsidiary of Herbert J. Sims & Co. (HJ Sims), a nationally recognized investment banking firm that specializes in debt and equity financing for the senior living industry. SMF originates, processes and underwrites insured loan applications through the Multifamily Accelerated Processing (MAP) program, as well as FHA’s traditional processing protocols. We also have been approved to participate in FHA’s newest, most innovative option – Lean processing. In addition to traditional mortgage banking activities, SMF provides consulting and financial advisory services to FHA insured loan borrowers with respect to construction loan servicing, asset management, debt restructuring, and tax-exempt bond financing.
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FHA SECTION 232
