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Browsing Category "News"

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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SMF Uses Note Modification to Reduce California Hospital’s Interest Rate by 60%

Sims Mortgage Funding (SMF) and Parkview Community Hospital made history in 2011 when we closed the first-ever HUD-insured hospital refinancing loan under the Section 242/223(f) program.  That loan refinanced Parkview’s high-interest rate and very short-term bridge debt, providing the hospital […]
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Ten Years Later, SMF Tallies A Transactional Triple-Play for Affordable Elderly Housing Communities in Pennsylvania

Triple-plays are a rarity in major league baseball: since 1876, there have only been 723, for an average of about 5 per season.
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Dog Days of Summer = Positive HUD Program Developments

We’ve all heard the expression the “Dog Days of Summer”. According to The Farmer’s Almanac, the term refers to the period July 3 through August 11 when the sun is closest to the star Sirius, part of the constellation Canis Major, or the Greater Dog.
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SMF Uses Note Modification to Refinance Again an Affordable Elderly Housing Community in Brooklyn

Sims Mortgage Funding (SMF) recently served as Financial Advisor in connection with a $7,035,000 HUD-insured loan that closed in June for Marien-Heim of Sunset Park, a 169-unit, Section 8 elderly housing project sponsored by a local, not-for-profit community development organization. […]
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