HUD FHA Section 232 - Commercial Loans for the Refinance or Acquisition of Healthcare Properties
HUD provides commercial loans for assisted living, skilled nursing, intermediate care, memory care and other residential care facilities through Section 232. FHA insured mortgages are available for the purchase or refinancing of residential care facilities with a stabilized operating history. Facilities currently financed with an FHA insured healthcare mortgage are eligible for streamlined refinancing through the FHA 223(a)(7) LEAN program.
- Up to 80% leverage
- Up to 100% of transaction costs for refinance
- Non-recourse and assumable
- Up to 35 year fixed rate term
- Property types include assisted living, memory care, skilled nursing, intermediate care
HUD FHA Section 232 Healthcare Loan Program Guidelines
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What You Need to Know About HUD FHA Section 232 Healthcare Loans
Program descriptions, highlights and underwriting guidelines are helpful when considering if a HUD Healthcare commercial mortgage is right for you and your property. However, they don't always tell the whole story. Below is what you need to know about Section 232 Healthcare Construction Loan program that program guidelines and highlights don't tell you.
- The property will be required to submit an annual audit of operations to HUD and lender.
- Surplus cash may be distributed two times per year.
- Full or partial compliance with ADA and UFAS requirements may be required.
- HUD requires that healthcare facilities maintain adequate liability insurance.
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