No matter how you slice it, the HUD application process can be onerous. “We don’t sugarcoat it,” says Cambridge Realty Capital Founder and President Jeffrey Davis. “When a client makes inquiries about applying for a HUD loan, we are very straightforward about what is involved and what they will need to bring to the table in order to achieve a successful outcome.”
Historically speaking, some senior care owners and developers have shied away from HUD funding because of the perception that there are too many hoops to jump through. This is one of the reasons the HUD Lean application was introduced, which helped to significantly expedite the loan process. Still, having one’s ducks in a row, so to speak, is strongly recommended in order to get through the application process and close in a timely manner.
It also helps greatly to work with a lender that has experience. Eric Rothner, CEO of Hunter Management, discovered this when he was in the market for a HUD loan. “The company has the unique ability to make a make a tedious and difficult process appear to run smoothly,” he asserted. The $35 million-dollar transaction to which he referred was just one of a total of $100 million dollars’ worth of FHA-insured HUD loans Rothner’s company was awarded in partnership with Cambridge throughout the years. Rothner has strong confidence in Cambridge’s ability to provide insightful and accurate advice based on decades of experience in the HUD market. “The Cambridge management team is extremely competitive, exceptionally creative and very detail-oriented. And the staff is very patient with borrowers,” he contends. “Provide Cambridge with timely and accurate information and the company will guide you through the funding process and stand by you. Which is something others don’t do.”
Daniel Maguire, Vice President of Sandy River Company of Portland, ME, also found Cambridge’s extensive experience invaluable. “Cambridge is widely regarded as an exceptionally knowledgeable industry leader,” Maguire stated, “and the company’s professional staff has a remarkable understanding of what will and will not fit within HUD guidelines. In working with the firm, we never encountered a servicing problem.”
Mark Myers, Senior Director, National Senior Housing Group, Marcus & Millichap believes that one of the things that Cambridge does best is managing information flow. “Effectively managing the flow of information has been a major priority of the firm for as long as we’ve been working with them,” he stated. Even when stacked against bigger lenders, Cambridge stands out, according to Andrew Delman, President of National Preservation Housing Partners of Deerfield, IL. “I’ve had a lot of experience with other banks and lenders and Cambridge is by far the best I’ve worked with,” Delman declared. “The Cambridge staff is very aware of timing issues, very instructive and very responsive. And they produced for us the way they said they would.”
Sticking the HUD application process out can be frustrating for an applicant, so working with an experienced lender like Cambridge is one way to make it less arduous. Cambridge President Andy Erkes and his staff work with their clients through a long and complicated HUD process, and the ability to stick with it to make the project a viable one. To sum it up, according to Eric Rothner, “The company has the unique ability to make a make a tedious and difficult process appear to run smoothly.”