FHA insured interest rates are at historic lows.
The Time to Refinance is Now
October 31, 2011
Love Funding Arranges $3 Million Loan for The Manor Apartments in Columbia, Missouri
October 26, 2011
Washington, DC – Oct. 26, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3 million loan refinancing for The Manor Apartments, a new 31-unit market-rate apartment community in Columbia, Missouri.
Love Funding Vice Chairman Harry Cheatham secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Utilizing the program enabled the property’s owner to obtain a low interest rate, non-recourse loan with a 35-year term.
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HUD Senior Housing Program Plagued by Delays, But Worth the Wait
October 19, 2011
A recent Seniors Housing Study released by National Real Estate Investor and Senior Housing Investment Advisor showed nearly half of survey respondents indicating HUD’s Lean 232 program had fallen short of their expectations, but lenders say this is due to the long waiting period from the backlog of applications for the program, not the program itself
At 47%, the number of dissatisfied participants outweighed the 42% who reported being satisfied; only 4% said it had exceeded their expectations. However, those numbers would likely be different if the program was more timely, says Josh Hausfeld, vice president of Love Funding.
“It’s a great program, it just takes a while to get to the end,” Hausfeld told SHN. “A lot of frustration is built around the timeframe associated with getting to the closing table.”
Lucas of Love Funding closes $7.86 million refinancing for Whitcomb House
October 14, 2011
Milford, MA – Love Funding recently closed a $7.86 million loan refinancing for Whitcomb House, an assisting living and memory care facility.
Leonard Lucas, first vice president and senior loan originator in Love Funding’s Boston office, secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. The program enabled the borrower to consolidate a first and second mortgage into a self-amortizing, 35-year, non-recourse loan with a low, fixed rate.
Whitcomb House, originally opened in 1950, was converted to an assisted living facility in 1996. One of three buildings on site was converted to a memory care center in 2000. Today, the property houses 66 beds in 55 assisted living units and 21 beds in 13 memory care units.
Love Funding Closes $19.5 Million Loan Secured by The Overlook at Piermont – NY
October 13, 2011
Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $19.5 million loan refinancing for The Overlook at Piermont, a 106-unit market-rate apartment complex in Piermont, New York.
Love Funding Vice President Artin Anvar secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate over a 35-year term, generating substantial debt service savings.