Refinancing Existing FHA-Insured Loans for:

• Market Rate Family Apartments

• Affordable Housing Apartments

• Senior Independent Apartments

• Urban Renewal Area Apartments

• Assisted Living / Board & Care Homes

• Skilled Nursing / Intermediate Care Facilities

• Hospitals / Acute Care Facilities

Single asset borrower may be comprised of:

• For-Profit Sponsor

• Nonprofit Sponsor

• Public Entity Sponsor

Refinancing Existing FHA-Insured Loans. Expedited processing, other than hospital loans insured pursuant to Section 242 or 241, is available:

• No required property inspection or analysis by HUD,

• No appraisal,

• Limited applicability of environmental analysis,

• Modified mortgage credit analysis,

• Reduced application fee, and

• No inspection fee.

Refinancing of FHA-insured loans, other than hospital loans insured pursuant to Sections 242 or 241, the lesser of:

• The original principal amount of the existing insured mortgage,

• The unpaid principal amount of the existing insured mortgage, plus:

- loan closing charges associated with the refinancing mortgage (excepting cost of defeasance of any bond issue and discounts),

- outstanding debt incurred in connection with capital improvements made to the property,

- costs associated with the testing, abatement or removal of lead-based paint, and

- costs of capital improvements, upgrading, repairs or additions required to be made to the property, or

• Loan supportable by 90% (95% for nonprofits) of net income.

Refinancing of hospital loans insured pursuant to Sections 242 or 241, the lesser of:

• The original principal amount of the existing insured mortgage,

• The unpaid principal amount of the existing insured mortgage, to which may be added loan closing charges associated with the refinancing mortgage, and costs of improvements, upgrading, or additions required to be made to the property, and

• A loan amount bearing a monthly debt service payment for the refinancing mortgage that does not exceed the debt service payment charged for the existing mortgage.

• Loan Term – limited to a period not longer than the remaining term of the existing FHA-insured first mortgage; or with HUD approval the loan term may be extended for up to 12 years.

• Fully amortizing non-recourse loan, no balloon payment.

• Loan is fully assumable by new owner.

• Rate is fixed for entire loan term prior to initial loan closing.

• Program may be used to credit enhance tax exempt bonds.

• Davis-Bacon prevailing wage requirements will normally not apply.

• Non-critical repairs may be deferred but must be completed within 12 months of loan closing.

Please provide the following information for a preliminary loan quote:

• Brief description of property including year built, number of units/beds, unit mix and square footages, and site acreage.

• Last three years, and year-to-date income and expense statements and balance sheets.

• Current rent roll/census.

• Copy of restricted use agreement, if applicable.

• Any available market studies, appraisals or environmental reports.

• Copy of most recent mortgage statement for existing FHA-insured loan, with escrow balances; copy of existing secured and unsecured promissory notes and mortgages.

• List of and estimated costs of desired capital improvements, upgrading, repairs or additions to be financed.

• Names of owner, principals, management agent, operator, etc.; resumes if available.