New Construction & Substantial Rehabilitation.
The LEAN 232 program is a financing program designed for acquisitions or refinancing of existing healthcare facilities including skilled care nursing homes, intermediate care, assisted living and personal care facilities.
Single purpose entities that can either be profit or non-profit motivated.
None. Loans are non-recourse.
There is no maximum loan cap associated with this program.
35 year term.
80% of the project’s value for profit motivated skilled nursing facilities and assisted living facilities and 85% of the project’s value for non-profits skilled nursing and assisted living facilities.
Interest rates are fixed at closing. Rates are typically set lower than conventional
financing due to the credit enhancement provided by FHA at closing.
Loans are fully assumable.
Mortgage Insurance Premium
A mortgage insurance premium is paid annually based on the outstanding principal. Premium: Premium is 1% for the first year and ranges between .45% and .65% annually depending on the project.
Terms are negotiable with no yield maintenance or achievement clauses. Standard provisions include a short lockout period followed by a declining prepayment penalty computed as a percentage of the loan until reaching 0% after ten years.
Interested in This Program?
Please contact us and one of our experienced loan officers will reach out to assist you.Contact Us