Loan Product
HUD Loans: 223(f), 221(d)(4), 232 for Multifamily and Healthcare.
HUD loans are long term, government insured loans for apartments and healthcare buildings. Bigger than bank debt. Cheaper than agency. Non recourse. They take longer to close, but the terms are often the best deal in commercial real estate. I walk HUD borrowers through the full process from application to firm commitment to close. The institutional sweet spot is $10M and up. Placement runs through the country's top HUD MAP correspondents.
What the Network Covers
- HUD 223(f): Acquisition or refinance of existing multifamily ($5M to $500M)
- HUD 221(d)(4): New construction or substantial rehab of multifamily ($5M to $500M)
- HUD 232: Skilled nursing, assisted living, and memory care ($5M to $500M)
- HUD 232/223(f): Refinance or acquisition of existing healthcare facilities
- HUD 223(a)(7): Streamlined refinance of existing HUD loans
- Bridge to HUD: stabilize on bridge debt and refinance into HUD permanent
Loan Snapshot
- Loan Amounts
- $5M to $500M+ across the network
- Typical Sweet Spot
- $10M+
- LTV / LTC
- Program dependent
- Term
- 35 to 40 year fully amortizing on most programs
- Recourse
- Non recourse with standard carve outs
- Closing Time
- 6 to 12 months from application to close
- Property Types
- Multifamily, senior housing, skilled nursing, healthcare
- Geography
- Nationwide, drawn from the 200 plus active capital source network
- Rates
- Rates depend on the deal. Submit your file or jump on a call and I will give you a real number.
Rates depend on the deal. Submit your file or jump on a call and I'll get you a real number.
Real Talk
HUD is not fast. It is not cheap up front. But for the right borrower with the right property, the long term economics beat everything else. If you are holding a multifamily or healthcare asset for 10 plus years, we should talk.
Bridge to HUD Strategy
Many HUD deals start as bridge. The major HUD shops on the bench all run dedicated bridge to HUD programs. Close on bridge debt today, stabilize the asset, then roll into 35 to 40 year HUD permanent. I structure both legs from the front end so the takeout is locked in before you sign the bridge.
Frequently Asked Questions
What is a HUD 223(f) loan?
HUD 223(f) is a 35 year, fully amortizing, non recourse loan for the acquisition or refinance of existing stabilized multifamily properties (5+ units). It is one of the most attractive long term financing programs in commercial real estate. We place HUD 223(f) loans from $5M to $500M+ through the country's top HUD MAP correspondents.
What is HUD 221(d)(4)?
HUD 221(d)(4) is the agency's new construction and substantial rehabilitation loan for multifamily. It funds construction and converts to a 40 year fully amortizing non recourse permanent loan in a single transaction. Best in class long term economics, but takes 9 to 12 months from application to close.
What is bridge to HUD financing?
Bridge to HUD is a short term loan (12 to 36 months) used to acquire or stabilize a multifamily or healthcare asset while you process the HUD 223(f), 232, or 221(d)(4) takeout. Most major HUD shops run dedicated bridge to HUD programs. We structure both legs from the front end so the takeout is locked in before you sign the bridge.
How long does a HUD loan take to close?
HUD loans take 6 to 12 months from initial application to close. The longest part is the agency review process. The trade off: 35 to 40 year fully amortizing non recourse debt that nothing else in the commercial real estate market matches.
What is HUD 232 financing?
HUD 232 is the agency program for skilled nursing facilities, assisted living, and memory care. Same long term, fully amortizing, non recourse structure as 223(f), but underwritten on the operational side of healthcare real estate. Available for acquisition (232/223(f)), new construction (232 new), or substantial rehab.
Ready when you are.
Send me your file or pick up the phone. I answer 7 days a week.