FHA Permanent Financing Programs Refinance of Existing Multifamily Property FHA Section 223(f) Program: •Consisting of properties with 5 or more units •Loan can be fully assumed by a future buyer •Consisting or properties 3 or more years old •No personal guarantees required; Non Recourse loan •Finance a maximum of $15,600 per unit for renovations •Fixed interest rate for a maximum of 35 years •Cash out available for up to 80% Loan-To-Value (LTV) •Maximum LTV of 83% and minimum DSC of 1.20 Acquisition of Existing Multifamily Property FHA Section 223(f) Program: •Consisting of properties with 5 or more units •No personal guarantees required; Non Recourse loan •Consisting or properties 3 or more years old •Fixed interest rate for a maximum of 35 years •Finance a maximum of $15,600 per unit for renovations •Maximum loan amount - 83% of total transaction costs •Loan can be fully assumed by a future buyer •Minimum Debt Service Coverage (DSC) of 1.20 Refinance of Existing Healthcare Facility FHA Section 232/223(f) Program: •Skilled Nursing, Intermediate Care, Assisted Living, •Loan can be fully assumed by a future buyer or Board & Care facilities •No personal guarantees required; Non Recourse loan •Must have space available for central kitchen and dining •Fixed interest rate for a maximum of 35 years •Funds available for renovations; max 15% of value Acquisition of Existing Healthcare Facility FHA Section 232/223(f) Program: •Skilled Nursing, Intermediate Care, Assisted Living, •No personal guarantees required; Non Recourse loan or Board & Care facilities •Fixed interest rate for a maximum of 35 years •Must have space available for central kitchen and dining •Maximum loan amount - 85% of total transaction costs •Loan can be fully assumed by a future buyer • Streamline Refinance of Existing HUD Insured Multifamily or Healthcare Facility FHA Section 223(a)(7) Program: •Refinance of existing 223(f), 232, or 221(d)(4) mortgage •No personal guarantees required; Non Recourse loan •No Appraisal, PCNA, ESA or Survey Required •New term maximum of 12 years + remaining term •Funds available for minor repairs and renovations •Maximum loan amount of original HUD insured loan •Loan can be fully assumed by a future buyer Scott Kendall (847) 903-7578 scott@kendallrealtyadvisors.com Chuck Kendall (773) 259-7074 kendallrealtyadv@gmail.com www.kendallrealtyadvisors.com |