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Sims Mortgage Funding

A Potpourri of HUD Program Ponderings 

Here are several of our observations on recent HUD matters that we’d like to share.
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Sims Mortgage Funding

CHEERS! HUD’S NEW CNA FORMULA CHANGES CUT CLUTTER AND COMPLEXITY

HUD multifamily lenders, like most of our conventional lending colleagues, underwrite deals based on metrics like loan-to-cost (LTC), loan-to-value (LTV) and debt service coverage (DSC).
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Sims Mortgage Funding

REFINANCING? WE DON’T NEED NO STINKING REFINANCING! OR DO YOU?

We borrowed – and slightly amended - that classic line from Blazing Saddles, and before that, The Treasure of the Sierra Madre, to make this point.
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Sims Mortgage Funding

HELP US HELP YOU! TOP 10 THINGS WE NEED TO KNOW FOR EFFECTIVE DEAL SCREENING

HUD-insured multifamily construction loans offer terrific terms: 40 year amortization, high loan-to-cost ratios, low debt service coverage ratios and non-recourse provisions.
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Sims Mortgage Funding

WANNA GO GREEN?  HUD WILL SHOW YOU THE MONEY!

Last month HUD announced a new program – funded through the Inflation Reduction Act – that will assist affordable housing properties become more energy efficient, implement new cutting-edge environmental technologies
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CROSSING THE BRIDGE TO HUD

The Section 232/223(f) program is HUD’s primary refinancing program for existing skilled nursing homes, assisted living facilities and memory care centers. It provides long-term, fixed-rate financing with a maximum 35-year
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Sims Mortgage Funding

DAVID WHO?

We’re pleased to bring back our “Top 10” segment, but in the interest of reaching a younger demographic, we’ve eliminated the reference to the former late-night talk show host in
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Sims Mortgage Funding

SIMS MORTGAGE FUNDING YEAR IN REVIEW

Have you ever heard the saying may you live in interesting times? That was the watchword for us last year, as higher interest rates and increasing construction costs posed a
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WE’RE BAAAAACK… SMF CLOSES A $5,243,000 LOAN THAT PRESERVES AGAIN AN AFFORDABLE, EDERLY HOUSING COMMUNITY IN PA

In November, Sims Mortgage Funding, Inc. (SMF) closed a $5,243,000 HUD-insured refinancing loan for Majestic House, a 74-unit, age-restricted affordable community located in Tamaqua, PA.
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HUD MAKES MULTIFAMILY LIFE MORE LIQUID AFTER LOAN CLOSING

There are numerous benefits of HUD-insured multifamily loans – they are high leverage, fixed rate, non-recourse and have 35 to 40 year amortizations. All good stuff, but what does HUD
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"Sims Mortgage Funding has been a trusted partner of Parkview Community Hospital since 2011, when they helped us refinance our short-term, high interest rate debt with a HUD-insured loan. They have a strong knowledge of HUD's programs and procedures, and were able to skillfully lead the hospital, architect and construction manager through a complicated financing process and to a successful closing."
Stephen PopkinCEO, Parkview Community Hospital Medical Center
"We really appreciate all the hard work Sims provided our organization. They helped us navigate through a complicated HUD financing process that resulted in considerable financial benefit to the project and to our elderly residents"
Steve GouldProperty Manager, Community Realty Manangement