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News

Sims Mortgage Funding Year in Review

Have you ever heard the saying may you live in interesting times?  That was the watchword for us last year, as higher interest rates and increasing construction costs posed a significant challenge to our deal pipeline.
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We’re Baaaaack… SMF Closes A $5,243,000 Loan That Preserves Again an Affordable, Ederly Housing Community in PA

In November, Sims Mortgage Funding, Inc. (SMF) closed a $5,243,000 HUD-insured refinancing loan for Majestic House, a 74-unit, age-restricted affordable community located in Tamaqua, PA.
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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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