HUD Multifamily Volume in 2019… Down, But Still Not To Shabby
HUD’s multifamily mortgage insurance programs recorded a solid performance in Fiscal Year 2019, which ended on September 30, but overall volume was down from 2017 and 2018.
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A Look Back at 2019
Last year, Sims Mortgage Funding took its consulting and financial advisory services to new heights. How high? Our work assisting clients navigate through the HUD regulatory and programmatic maze in purchasing healthcare properties exceeded our origination activities, which took us 5,000 miles west to Hawaii and closer to home in Pennsylvania, where we completed a third refinancing for a client.
LEAN Program Ends Year On A High Note
The HUD LEAN Section 232 mortgage insurance program for skilled nursing and assisted living/memory care facilities had a strong performance in Fiscal Year 2019, which ended on September 30. They issued $4.154 billion in mortgage insurance commitments for 314 projects and closed $3.733 billion in insured loans for 288 projects.
SMF Refinances Hawaii Skilled Nursing Facility, Interest Rate Reduced By 60%
The Project’s Sponsor owns four affordable housing properties in Pennsylvania and previously had turned to Sims Mortgage Funding to refinance two of them, on a “cash-out” basis.
HUD Financing Options – Fast And Faster
One of the many positive features of HUD-insured loans is that they have attractive interest rates, driven largely by the Federal Government backing and the ability to securitize the debt through the GNMA.
Sims Mortgage Funding Does TPAs. What?
Originating and underwriting HUD-insured loans for multifamily and healthcare projects is Sims Mortgage Funding’s primary activity, but sometimes our experience and success in that space leads us to other business opportunities.
SMF Cashes Out for Affordable Housing Project in Pennsylvania
The Project’s Sponsor owns four affordable housing properties in Pennsylvania and previously had turned to Sims Mortgage Funding to refinance two of them, on a “cash-out” basis.
Good News from HUD Multifamily and Hospital Programs
HUD mortgage insurance covers a wide variety of real estate, ranging from multifamily housing to nursing homes and assisted living to acute care hospitals. Moreover, the programs cover construction, renovations, expansions, acquisitions, and refinancing.
Sims Mortgage Funding at the Quarter
SMF had a busy first quarter of 2019, as it added a new team member in late January and participated in national and regional lender conferences in February and March.
Sims Mortgage Funding Closes Hospital Expansion on New Year’s Eve
Baton Rouge General Medical Center (“BRGMC”) is a not-for-profit community hospital with 591 licensed beds. It wanted to expand its footprint by constructing a neighborhood hospital approximately 7 miles from the main campus.