Doing HUD Business During a Pandemic – Part II
The economic dislocation in general wrought by the COVID-19 pandemic and its singularly devastating effects on senior citizens in particular has posed multiple challenges for
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Doing HUD Business During a Pandemic
The COVID-19 virus is having a profound impact on the nation, temporarily, but dramatically, affecting how we live and work. The virus is roiling the capital markets, and policies imposed to slow its spread have ground the economy to a crawl in many quarters.
BREAKING NEWS: HUD Has Eliminated Waiting Time for Newly Constructed/Rehabbed Properties
Like Prohibition, and more recently, bell-bottom jeans and eight-track music cassettes, HUD’s “three-year rule” for the Section 223(f) multifamily mortgage insurance program is no longer with us.
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.
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.