HUD Insured Loans
HUD-insured loans are available for the acquisition or refinancing of five-plus unit multifamily properties, and are an ideal financing option for borrowers looking for maximum leverage and longer fixed rates and terms. At Law Office of Ernesto F. Aldover, I can help you determine if this is the right solution for your business and help you achieve your goal.
The Flexibility Of Section 223(f) Loans
There are no income or rent restrictions under Section 223(f) unless otherwise required by a project-based HAP contract or another regulatory agreement. HUD FHA 223(f) insured mortgages are nonrecourse with no market – economic or population – restrictions.
Such loans are advantageous because, among other things, they are nonrecourse, they do not require personal guarantees and offer low fixed rate, assumable loans.
Experienced Advice And Counsel
For more than a decade, I have represented borrowers in HUD-insured loans for commercial, multifamily and senior housing projects totaling well over $100 million. During that time, I worked with HUD attorneys and staff in Los Angeles, San Francisco, Phoenix and Washington, D.C..
While the scope of work can vary with each transaction, I generally review the closing documentation, participate in due diligence (including health care matters, environmental site assessment, property condition report, title insurance, land surveys, corporate and lien searches), review title and survey reports, deliver opinions and coordinate closing with lender and HUD counsel.