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?
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.
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.
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.
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.
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.
It has been just over one year since HUD waived its “three-year requirement” for multifamily projects to be eligible for mortgage insurance under the Section 223(f) refinancing and acquisition program. Prior to that, a multifamily property could not benefit from […]
At first glance, that is an odd pairing, but stay with us, please. The Suez Canal was prominent in the news last week when a container ship became stuck, blocking the Canal and creating a massive logjam of ships at […]
In golf it is called a mulligan. At the playground or school yard it is called a do-over. At the US Department of Housing and Urban Development (HUD) it is called an Operating Loss Loan (OLL). Under the Section 223(d) […]
Many people tend to think of HUD mortgage insurance as a single government program, but there are about a dozen different programs covering healthcare, multifamily housing and hospital facilities! Moreover, HUD has three distinct delivery modes for these programs – […]