All Forum Posts by: Darryl Dahlen

I'm a commercial broker and lend in all states.
While I appreciate the offer, I'll stick with my lender who has over 25+ years experience with HUD.
Given the cost of not only time, but money as well, in securing a HUD loan, I'm a little concerned with your "test" the waters approach.

Can you tell me how this is possible? I work with HUD all the time and their guidelines clearly state that the max CLTV is 92.5%.

This is directly from my lender's guidelines:
Subordinate Financing: Secondary financing is permitted by HUD.The aggregate amount of the FHA insured first mortgage and the second mortgage cannot exceed 92.5% of the appraised value of the project.

Can you enlighten me?

While it can be tough to secure financing due to market conditions there IS money out there.
I would suggest looking into the HUD 223(f) program for multi-family loans as the terms are fantastic. You need to make sure that the lender is actually lending..even on HUD programs as most banks are all to happy to work on a file even if they are not lending.
Also, a lot of smaller banks/credit unions (that didn't take TARP funds) are still lending money so check around and see what they have to offer.

Keeping up with who is lending in the HML arena is no small feat. Still, I'm more than happy to pass along the names of some companies that are still in the game.

If you have any questions don't hesitate to ask.

Meecorp
Titan
Eastern Savings Bank
Rushmore Capital Partners
New Haven Financial
Wooden Nickle Funding

Best of luck!

Hey everyone. I thought I'd take a minute to introduce myself and tell you a little about me.
I've been in the real estate business for about 6 years now. I started as a residential mortgage broker but quickly branched in small balance commercial. After adjusting to the steep learning curve, I stopped doing residential altogether.
I now own my own company and haven't looked back. Through the ups and downs, I have to say that I still love this job!
I look forward to getting to know you all and hope to give more than I take.

To answer a couple questions:

Licensing: HUD typically defers to whatever the state licensing requirements are.

Building requirements: 48 beds or more is best.

Perks- This would have to be discussed.

Facility requirements: HUD requires a management company run the operations, but now allows for 100% of the beds to be private pay(versus a mix of medicade, medicare, and VA).THIS IS FOR ALFs ONLY.Typically, there is a mix though as you don't usually see 100% private pay.

The rest is mostly state specific so check with them for requirements.

Location is key as proximity to a hospital is a factor and HUD is fairly restrictive when it comes to how many facilities are in the area so keep that in mind.

HUD allows for the highest LTV and flips into a perm loan after construction so it's the best first choice on these types of facilities.

Still, there are reserve requirements and HUD fees associated with the loan, but the savings due to the higher LTV/LTC still save you money compared to conventional financing.

Not to mention under the new LEAN process ALFs can close much faster now.

Email me and I'll send you the latest HUD program highlights for ALFs.
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