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.
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.
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.
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 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.
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.
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.
There is a proverb of uncertain origin that says… may you live in interesting times. That was the case for Sims Mortgage Funding in 2018, as we closed loans across all three HUD mortgage insurance platforms; expanded our financial advisory and consulting activities in connection with the proposed sale of two skilled nursing facilities and a hospital; and, are currently weathering a partial shutdown of the Federal government…
In a competitive lending landscape, the HUD Section 221(d)(4) program continues to be a robust, popular source of capital for new construction of multifamily rental housing.
The 2018 mid-term elections gave both Democrats and Republicans something to like. The former now have control of the House of Representatives for the first time since 2010, while the latter have expanded – albeit slightly – their control of the Senate.
