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Browsing Category "News"

HUD Makes Multifamily Life More Liquid After Loan Closing

There are numerous benefits of HUD-insured multifamily loans – they are high leverage, fixed rate, non-recourse and have 35 to 40 year amortizations. All good stuff, but what does HUD require from borrowers after the loan closes?
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Read About the HUD NOFO and avoid FOMO!

HUD posted on September 21 their Notice of Funding Opportunity (NOFO) for the Section 202 Supportive Housing for the Elderly Program in Fiscal Year 2022. The highly competitive program - HUD expects to issue only 35 awards nationwide.
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HUD’s Section 221(d)(4) Addition by Subtration

The HUD Section 221(d)(4) program provides high leverage, long-term, fixed-rate multifamily financing – 85% of cost and a 40-year amortization.  Debt service coverage requirements are a modest 1.17, loans are assumable, and did we mention they also are non-recourse?
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With Apologies to David Letterman, SMF Presents…

Recent volatility in the capital markets has many multifamily housing owners and operators “clutching their pearls” about the availability of financing at reasonable terms and conditions.
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SMF Does the Jersey Shore, Preserves Affordable Elderly Housing

Wesley by the Bay is an affordable senior housing community located in Ocean City, NJ and sponsored by the United Methodist Homes of New Jersey. The Project, consisting of four buildings, was built in the early 1980s with a high-interest rate HUD Section 202 Direct Loan.
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Green MIPs Coming to HUD-Insured Healthcare Facilities

HUD recently announced that it will be offering lower MIPs for healthcare loans starting on or about October 1, 2022, the start of the new Federal fiscal year.
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SMF Completes Complex, Challenging, Construction Financing

After a recent string of closing refinancing loans for healthcare properties, affordable seniors housing, market-rate housing and a safety-net hospital, Sims Mortgage Funding successfully closed in February a $9,247,200 HUD-insured construction loan for The Monroe.
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HUD Multifamily Mortgage Insurance Expands Beyond Its Historical Role

Much of HUD’s recent success with multifamily mortgage insurance can be attributed to their Multifamily for Tomorrow initiatives, which have created standard application templates and underwriting parameters, and streamlined review, loan processing and closing protocols. 
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When Perfect is the Enemy of the Good

We’ve all heard that expression, generally given to mean taking too much time to make a choice between two alternatives, one good but the other, perfect!  But, if you deliberate too much, you may miss out on both and have nothing to show for your deliberations.
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2021 In Our Rear View Mirror

Sims Mortgage Funding’s very successful 2021 can be described in a single word – refinance.  We completed eleven refinancing deals last year, totaling approximately $131 million, for existing clients who had HUD-insured loans already in place.
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