No one likes to be kept waiting, which is why Cambridge Realty Capital Companies Managing Director Sampada D’silva suggests that senior housing/healthcare borrowers should be motivated to swiftly respond to their lender’s requests for additional documentation when needed.
Effectively, heeding this advice is the best way borrowers can make sure they’re not left waiting impatiently at the other end of the line as their loan grinds slowly through the approval process. By responding with alacrity, borrowers are acting in their own self interest, she says.
Cambridge is one of the nation’s leading FHA-approved HUD lenders and offers conventional funding products to borrowers as well. The company has closed more than 500 senior housing/healthcare loans totaling more than $5.5 billion.
“Over the years the processing of HUD loans has become more streamlined and efficient, but getting the desired outcome still requires patience and good intentions. When the lender requests updated numbers or additional data, the expectation is that this information will be forthcoming posthaste,” Ms. D’silva says.
She points out that the specific data needed to meet the lender’s due diligence requirements will vary depending upon the type of transaction involved. Borrowers should be ready with at least three years of historical data, and five years is even better.
There is nothing mysterious about the type of information lenders need to process senior housing/ healthcare loans. Cambridge posts this information on its corporate website, she said.