Nov 26, 2018
What is the Maximum Loan Amount for HUD 223(a)(7) Loans?
HUD 223(a)(7) loans cannot exceed 100% of eligible refinancing costs. These include the principal amount of existing debt (the existing loan balance), fees, repairs, third-party costs, and initial reserve deposits. A minimum Debt Service Coverage Ratio (DSCR) is required - 1.11x for for-profit borrowers or 1.05x for non-profit borrowers.
Nov 26, 2018
What Types of Properties are Eligible for the HUD 223(a)(7) Loan?
Multifamily and healthcare properties with existing HUD-insured debt are eligible for the HUD 223(a)(7) refinance loan program.