Because it’s a complex process, senior housing/healthcare borrowers generally understand that working with a knowledgeable, experienced lender can be the difference-maker when applying for popular FHA-approved HUD 232 Lean financing.
“This especially applies to borrowers who want assurances and hope to get through the process with a minimum amount of angst or confusion,” says Cambridge Realty Capital Companies Vice President Zachary Scardina.
Cambridge is one of the nation’s leading senior housing/healthcare lenders. Mr. Scardina says the company has an impressive track record when it comes to helping clients successfully negotiate the HUD 232 application process.
“It’s important for clients to understand the need to be responsive as their loan application moves through the approval process, because at least half the responsibility for sustaining momentum in a lending transaction resides with the borrower,” he said.
“Timing is critical. Without momentum, the underwriting process can unravel quickly.
“When the lender requests updated numbers of additional data, the expectation is the information will be forthcoming in a timely fashion. Borrowers should have at least three years of historical data copied and ready to present,” he added.
Mr. Scardina says the type of information needed to meet the lender’s due diligence requirements will vary depending upon the type of transaction it is. But there is nothing mysterious about the kinds of information lenders need to process a loan.
To guide borrowers in this area, Cambridge has posted detailed checklists in the InfoCenter on its corporate website, www.cambridgecap.com.