ELIGIBLE PROPERTIES

Existing HUD-insured healthcare and multifamily properties.

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ELIGIBLE BORROWERS

Single-asset, special purpose entities, either for-profit or non-profit.

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LOCATION

Nationwide.

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LOAN AMOUNT

Existing HUD-insured loan may be increased back up to 100% of the original principal balance (subject to General Loan Parameters).

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GENERAL LOAN PARAMETERS

The maximum loan amount is the lesser of:

• The original HUD-insured loan amount.
• The outstanding HUD-insured loan amount plus all closing costs, capital improvements, prepayment penalties, and repairs.
• Minimum DSCR of 1.11x.

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INTEREST RATE

Fixed-rate, subject to market conditions at the time of rate lock.

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TERM & AMORTIZATION

The term of the existing HUD-insured loan may be extended by up to 12 years (subject to HUD approval) not to exceed the term of the original loan.

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LIABILITY

Non-recourse.

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MORTGAGE INSURANCE PREMIUM

0.50% at closing, 0.55% annually thereafter.

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ASSUMABILITY

Fully assumable, subject to HUD approval.

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PREPAYMENT

Typically loans are prohibited from prepayment for the 1st year, then have a 9% penalty declining 1% each year thereafter until 0%. Alternative lockout and prepayment structures are available.

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PROFESSIONAL LIABILITY INSURANCE

HUD requires a minimum coverage of $1 million per occurrence and $3 million in aggregate. Waivers may be granted in cases where premiums are high and claims history is clean.

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OTHER

• Cash-out refinancing is not permitted.
• PCNA report required for multifamily loans and term extension.

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PRICING

Contact your Slate Capital representative for a price quote.