Earlier this decade, FHA-approved HUD 232 loan processing slowed to a crawl due to the infamous queue. Many senior housing and healthcare operators still believe this to be the case. Many seeking financing do not realize that HUD has made vast improvements and that the loan approval process is now much faster. Brian Riordan, Manager of Cambridge’s Capital Solutions Advisor Group, says that many people are quite surprised to learn that the HUD queue is no longer a problem. In fact, it is now practically nonexistent. Cambridge’s Capital Solutions Advisor Group is designed to reach out to potential clients and hopefully correct any misinformation they might have regarding HUD loans as well as other financing options. The group is tasked with building and maintaining relationships with existing and potential clients.
Cambridge Realty Capital is one of the country’s top senior housing and healthcare lenders. Riordan believes the key to the company’s success has been its ability to communicate with its clients and build successful relationships. “A new initiative that began in September 2013 has been effective in learning how the capabilities of Cambridge might better fit with the strategic planning of clients; everything from refinancing to the possible sale or acquisition of properties,” Riordan said. “We seek to build and maintain real relationships with clients so we both know when the best time to act on an owner’s financial plan might be. For those seeking popular HUD financing, it’s important to understand that a perceived processing delay (the queue) no longer is the timing issue it once was.”
Riordan believes that they key to establishing as well as maintaining open lines of communication with clients is old fashioned – pick up the phone and give them a call. His group is aware that today’s potential clients have more information than ever at their disposal, which can be both a blessing and a curse. The abundance of information has the potential to cause information overload and leave the senior housing operator confused. Cambridge prefers to begin the conversation early, when the senior housing owner is just shopping around for financing options (or even before), to bring clarity to the lending process, as well as the options available to the client. Riordan’s group’s goal is to maintain consistent, friendly contact with clients, even if they are not necessarily ready to seek out financing. The hope is that when clients are ready, they will not need to research potential lenders – they will immediately think of Cambridge Realty Capital.
“In the vast majority of our calls, we find most are well aware of Cambridge’s reputation. Which saves a lot of time and leaves more time for discussing the customer’s plans and needs,” Riordan noted. “Because the connection we make with clients and future clients is more on a personal level and cordial, we are more attuned to their needs and when the best time for them to move forward might be. It’s been rewarding to see that when a new deal comes in, there has been communication and follow-up that stems back for quite some time.”
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If your company is considering obtaining financing for a senior housing or healthcare project, contact us. Our experts are standing by to assist you, no matter where you are in the financing process.