Century Loan Programs

HEALTHCARE | MULTIFAMILY

Loan Programs2018-10-18T15:01:03+00:00

Loan Programs

Century Health Capital, Inc. (“Century”) specializes in HUD-insured mortgage financing for the multifamily housing industry, senior living and long term care facilities and hospitals.  Century funds acquisitions, refinancings, new construction and substantial rehabilitation of skilled nursing facilities, assisted living facilities, senior housing, hospitals and other multifamily projects, including market rate apartments and affordable housing.

Market Rate MultiFamily

NEW CONSTRUCTION OR SUBSTANTIAL RENOVATION – HUD SECTION 221(d)4

This program provides non-recourse, assumable construction and permanent financing for new market rate apartments and independent senior housing or substantial rehabilitation of existing market rate apartments or independent senior housing.

ACQUISITION OR REFINANCE – HUD SECTION 223(f)

This loan provides non-recourse, assumable financing for the purchase or refinance of existing multifamily properties including market rate apartments and independent senior housing.

STREAMLINED REFINANCE OF EXISTING HUD-INSURED LOANS – HUD SECTION 223(a)7

Streamlined FHA program designed to allow borrowers with existing FHA insured loans to lower the interest rate, extend the term, fund project repairs and increase the replacement reserve.

INTEREST RATE REDUCTION LOAN MODIFICATION – (IRR)

Streamlined FHA program designed to allow all borrowers with existing FHA insured loans to lower the interest rate by modifying the existing loan documents while maintaining the same principal balance and maturity date of the existing FHA insured loan.

SUPPLEMENTAL LOAN – HUD SECTION 241(a)

This program provides insured second mortgages to finance repairs, replacements (including major movables), energy conservation measures, and additions to existing FHA-insured multifamily properties. The program is intended to keep a property competitive, extend its economic life, and provide replacement of obsolescent equipment.

Century has relationships with several banks with bridge lending platforms when quick closings are required or HUD regulations dictate the need for interim financing.  Century will assist with a bridge loan structure that enables for a timely HUD take-out and ensures HUD compliance.

Affordable Housing

NEW CONSTRUCTION OR SUBSTANTIAL RENOVATION – HUD SECTION 221(d)4

This program provides non-recourse, assumable construction and permanent financing for new market rate apartments and independent senior housing or substantial rehabilitation of existing affordable housing projects.

ACQUISITION OR REFINANCE – HUD SECTION 223(f)

This loan provides non-recourse, assumable financing for the purchase or refinance of existing multifamily properties including affordable housing projects.

STREAMLINED REFINANCE OF EXISTING HUD-INSURED LOANS – HUD SECTION 223(a)7

Streamlined FHA program designed to allow borrowers with existing FHA insured loans to lower the interest rate, extend the term, fund project repairs and increase the replacement reserve. For-profit and not-for-profit borrowers may apply for FHA mortgage insurance under this program.

INTEREST RATE REDUCTION LOAN MODIFICATION – (IRR)

Streamlined FHA program designed to allow all borrowers with existing FHA insured loans to lower the interest rate by modifying the existing loan documents while maintaining the same principal balance and maturity date of the existing FHA insured loan.

SUPPLEMENTAL LOAN – HUD SECTION 241(a)

This program provides insured second mortgages to finance repairs, replacements (including major movables), energy conservation measures, and additions to existing FHA-insured multifamily properties. The program is intended to keep a property competitive, extend its economic life, and provide replacement of obsolescent equipment.

Century has relationships with several banks with bridge lending platforms when quick closings are required or HUD regulations dictate the need for interim financing.  Century will assist with a bridge loan structure that enables for a timely HUD take-out and ensures HUD compliance.

Healthcare

NEW CONSTRUCTION OR SUBSTANTIAL RENOVATION – HUD SECTION 232

This program provides non-recourse, assumable construction and permanent financing to build new or substantially rehabilitate assisted living, memory care and intermediate or skilled nursing facilities.

ACQUISITION OR REFINANCE – HUD SECTION 232/223(f)

This program provides non-recourse, assumable financing for the purchase or refinance of existing assisted living, memory care and intermediate or skilled nursing facilities.

STREAMLINED REFINANCE OF EXISTING HUD-INSURED LOANS – HUD SECTION 232/223(a)7

Streamlined FHA program designed to allow borrowers in existing FHA Section 232 insured loans to lower the interest rate, extend the term, fund project repairs and increase the replacement reserve.

INTEREST RATE REDUCTION LOAN MODIFICATION – (IRR)

Streamlined FHA program designed to allow all borrowers with existing FHA insured loans to lower the interest rate by modifying the existing loan documents while maintaining the same principal balance and maturity date of the existing FHA insured loan.

SUPPLEMENTAL LOAN – HUD SECTION 241(a)

This program provides insured second mortgages to finance repairs, replacements (including major movables), energy conservation measures, and additions to existing FHA-insured multifamily properties. The program is intended to keep a property competitive, extend its economic life, and provide replacement of obsolescent equipment.

Century has relationships with several banks with bridge lending platforms when quick closings are required or HUD regulations dictate the need for interim financing.  Century will assist with a bridge loan structure that enables for a timely HUD take-out and ensures HUD compliance.

Hospitals

NEW CONSTRUCTION OR SUBSTANTIAL RENOVATION – HUD SECTION 242

This program provides mortgage insurance for acute care hospitals – including Critical Access Hospitals – for loans to finance new construction, expansion, modernization, equipment, and refinancing of existing debt. U.S. Government backing of financing results in AA/AAA credit rating enabling hospitals to obtain very attractive interest rates.

ACQUISITION OR REFINANCE – HUD SECTION 242/223(f)

Non-recourse, assumable financing for the purchase or refinance of existing hospitals. The costs of new capital projects (i.e., construction and/or equipment) may be included in the loan, provided they are less than 20% of the loan amount. Facility must be a licensed acute care hospital.  Borrower may be non-profit, for-profit or a public entity.

STREAMLINED REFINANCE OF EXISTING HUD-INSURED LOANS – HUD SECTION 242/223(a)7

Streamlined FHA program designed to allow borrowers with existing FHA Section 242 insured loans to lower the interest rate, fund project repairs and (in limited circumstances) extend the loan term. All borrowers with existing 242 mortgages may apply for FHA mortgage insurance under this program.

SHORT TERM INTERIM FINANCING

Century has relationships with several banks with bridge lending platforms when quick closings are required or HUD regulations dictate the need for interim financing.  Century will assist with a bridge loan structure that enables for a timely HUD take-out and ensures HUD compliance.