8 Senior Housing Loan Programs for Refinance or Acquisition
Since 1997, Apartment Loan Store has specialized in Senior Housing Financing for 55 and older communities and facilities offering: Independent Living, Assisted Living, Memory Care and Nursing Home Care Nationwide.
For 55 and Older Communities please go to our website and view “Apartment Loans”: https://apartmentloanstore.com/loan-product/apartmentsmultifamily-loansfinancing
SENIOR HOUSING LOAN PROGRAMS:
- FHA – 80% very low rate mortgage fixed for 35 years, 35 year amortization
- For Purchase or Refinance of existing Assisted Living, Memory Care, Intermediate or Skilled Nursing Facilities. Up to 25% to 30% of Independent Living allowed
- Minimum Loan: $4,000,000 Maximum Loan $100,000,000
- Loan to Value: 80% (85% for Non-Profit) of Appraised Value, or 100% of transaction costs for a refinance, and 85% of the transaction costs for a purchase. Transaction costs can include: repairs, initial replacement reserves, 3rd party reports, closing costs and eligible existing debt to be refinanced.
- Rate: Fixed for 35 Years Very Low 10 Year Treasury based rate
- Term: 35 years Amortization: 35 years
- Recourse: Loan is Non-Recourse
- Assumable: Yes with a ½ point fee
- DSCR: 1.45
- Prepayment penalty: Declining for the first 10 years then no prepayment penalty for the remaining 25 years
- Agency Loan Program “A”
- For the purchase or refinance of properties containing: Independent Living (Can be 100%), Assisted Living, Memory Care, Skilled Nursing (limited to 20% of NOI) or any combination of these
- Minimum Loan $4,000,000, No Maximum
- Loan to Value: Up to 75%
- Rate: Low rates can be fixed from 5 to 30 years. Interest Only Available
- Term: Up to 30 years available Amortization: 30 years
- Recourse: Non-Recourse
- Assumable: Yes with a 1:00% fee
- DSCR: 1.30 to 1.55
- Prepayment Penalty: Yield Maintenance or Declining
- Supplemental Financing available after first year
- Agency Loan Program “B”
- For Independent Care, Assisted Living, Memory Care, or any combination
- Minimum Loan: $4,000,000 No Maximum
- Loan to Value: 75%
- Rate: Great Rates can be fixed for up to 30 Years
- Term: Up to 30 years Amortization: 30 years
- Recourse: Loan is Non-Recourse
- DSCR: 1.30 for100% Independent Living, 1.40 for 100% Assisted Living
- Prepayment Penalty: Yield Maintenance
- Supplemental Financing available after first year
- Life Company Loan Program
- For Independent Care, Assisted Living, Memory Care or any combination
- Minimum Loan: $10,000,000 to $15,000,000 Maximum Loan: $125,000,000
- Loan to Value: 65% to 70%
- Rate: Rates can be fixed for up to 25 years. Very low treasury based rates.
- Term: 5, 10, 15 20, 25 year terms available
- Recourse: Non-Recourse
- DSCR: 1.45
- Prepayment Penalty: Defeasance
- CMBS – Commercial Mortgage Backed Security Loan Program
- For Independent Care, Assisted Living, Memory Care, or any combination
- Minimum Loan: $3,000,000 Maximum Loan: $50,000,000
- Loan to Value: 75% Up to 80% with Mezzanine piece
- Rate: 10 year treasury plus 2.00% - 2.50% for a 10 year fixed rate
- Term: 5 or 10 years, 30 year amortization
- Recourse: Non-Recourse
- DSCR: 1.30 to 1.40
- Prepayment Penalty: Yield Maintenance or Defeasance
- Private Institutional Loan Program
- For Independent Care, Assisted Living, Memory Care, or any combination
- Minimum Loan: $5,000,000 Maximum Loan: $75,000,000
- Loan to Value: 75% Up to 85% with Mezzanine piece
- Rate: Libor based adjustable – treasury yield based 10 year fixed rate
- Term: 5 – 10 years 25 – 30 year amortization
- Recourse: Usually Non-Recourse
- DSCR: 1.35 – 1.45
- Prepayment Penalty: Declining or Yield Maintenance
- National Bank Program
- For Independent Care, Assisted Living, Memory Care or any combination
- Minimum Loan: $10,000,000 Maximum Loan $100,000,000
- Loan to Value: Up to 70%
- Rate: Very low libor adjustable or treasury based 5 – 10 year fixed
- Term: 10 years Amortization: 25 – 30 years
- Recourse: Must qualify for Non-Recourse
- DSCR: 1.35
- Prepayment Penalty: Yield Maintenance or Defeasance
- Community Bank Program
- For Independent Living, Assisted Living or Memory Care or any combination
- Minimum Loan: $2,000,000 Maximum Loan: $12,000,000
- Loan to Value: Up to 75%
- 3, 5, 7 year fixed rates tied to FHLR or Treasury based
- Term: Usually 10 years Amortization 20 – 25 years
- Recourse: Loan is recourse
- DSCR: 1.35
- Prepayment Penalty: declining
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