Zachary Scardina, Cambridge Vice President, reported that Cambridge Realty Capital provided $4,305,100 in HUD-insured Section 223(f) financing for the refinance of Elizabeth Care Center, a 36-bed Skilled Care facility in Elizabeth, West Virginia.
Cambridge utilized HUD’s new Express Lane processing, which enabled the loan application to receive its Firm Commitment just 18 days after being accepted into this separate queue. The Express Lane program is available to borrowers for skilled care facilities that meet certain low-risk criteria, including:
-LTV of 70% or less
-DSCR of 2.00x or greater
-High quality of care standards
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