If an FHA-approved HUD 232 loan is on your shopping list, consider this:
“One of the best yardsticks a senior housing/healthcare borrower can use to determine whether a lender will be up to the task measures how successful the lender has been in securing new business from existing clients,” says funding expert Sampada D’silva.
Borrowers should also check out the lender’s success rate in closing the loan applications it submits to the government agency, she believes.
Ms. D’silva is Managing Director for Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders, with more than $4.5 billion in closed funding transactions. She says one of the primary reasons why the company has emerged as an industry leader has been its ability to build solid client relationships based on mutual respect and trust.
“Once a client has closed a deal with Cambridge, they rarely see any need to check elsewhere when future financing needs arise,” she said.
Over the past 20 years Cambridge has closed more than 95 percent of the loan applications it has submitted to HUD and is batting 1,000 since the agency reorganized in 2009.
“Such a high closing rate implies the company fully understands the underwriting complexities and nuances involved with HUD financing. But it also suggests the company is unwilling to waste valuable time and energy pursuing deals that aren’t likely to pass through HUD’s conservative underwriting gauntlet,” she added.
Ms. D’silva says there are a number of other reasons why senior housing/healthcare lenders should consider making Cambridge their lender of choice, including these:
— Team Cambridge has spent more than 20 years learning how to qualify a property for government programs and how to move a loan through the HUD process.
— Cambridge is one of only a handful of direct lenders authorized to issue GNMA securities to fund HUD 232 and HUD 242 mortgage programs.
— Accountability and accessibility are important management concepts. The Cambridge staff carefully and insightfully guides clients through every phase of the funding process, sharing and transferring needed knowledge along the way.