Here at Cambridge Realty Capital, we have been hard at work streamlining the HUD loan process for our clients. Specifically, we have been working on launching a new loan servicing website that generates paperless mortgage documents for our HUD clients, as well as working to make the HUD appraisal process for senior living and healthcare properties less complex.
Launch of New Paperless Mortgage Documents
Cambridge Realty Capital started 2015 by launching a new loan servicing website that generates paperless mortgage documents for our HUD clients. This website streamlines the HUD loan process. For example, the website allows our clients to access current escrow balances, view payments and disbursement dates (for taxes, MIP, RFR releases, insurance premiums, etc.), and access monthly mortgage invoices. The website will also show exactly when payments are deposited. This new website allows clients to get information on their HUD loans without having to wait or contact the lender each time you wish to consult your loan information.
Mark Novotny of Alden Management Services, a Chicago company specializing in senior living communities, applauded the launch of the website. Alden currently has 21 active FHA-approved HUD mortgage with Cambridge Realty Capital, which could make obtaining information and getting questions answered fairly complex. The new website will prove to be a huge time-saver for Alden Management (and many other companies like it). Novotny remarked: “There’s no need to wait to verify balances and catch any errors. Users can see their statements and reconcile accounts every month. The software is especially handy if/when financial auditors need information on different loans or when establishing a line of credit.”
Cambridge Excels at Streamlining the HUD Appraisal Process
Appraisal of senior housing and senior healthcare properties can be much more demanding than appraisal of other types of commercial real estate. HUD real estate deals can be extra difficult because the calculation on senior housing is more than the value of the property. Appraisers must also gather data on every aspect of the senior housing business. Elisheva Beller, Vice President of the Cooper Valuation Group, believes that Cambridge Realty Capital is the best of the best when it comes to the HUD lending process. Because of Cambridge’s expertise and experience with the HUD lending process, the staff is able to anticipate the needs of client borrowers and can work with them to facilitate the flow of the required information for the valuation process.
Beller echoes the opinion of the majority of Cambridge’s client base. Cambridge does not push through deals that the company knows will not be approved. For example, a borrower may not have enough income for the loan. Beller has remarked: “If it’s apparent that something isn’t going to work, the client is informed straight away and made aware of other funding options they might have. Cambridge has been known to go to extraordinary lengths to help borrowers understand why certain types of information are needed to process complex HUD transactions.”
Contact Cambridge Realty Capital
Cambridge Realty Capital has extensive experience and expertise working with HUD loans. For any questions regarding HUD or any other senior living finance and capital inquiry, contact us today. Our experts are standing by to assist you through the lending process.