Throughout its thirty-plus years in business, Cambridge Realty Capital has amassed a wealth of knowledge in the field of senior living. Our advice and insight, like the ideas you will find in "Knowledgeable Lender And Responsive Borrower Are Keys To Successful Loan Applications", is based on on-the-job experience plus the unique skills and talents of Cambridge’s staff and their individual specialties. This quick read from Cambridge’s archives is filled with timely advice that is as relevant today as ever and will inspire you as you weigh your capital market options.
Knowledgeable Lender And Responsive Borrower Are Keys To Successful Loan Applications
Because it’s a complex process, senior housing/healthcare borrowers generally understand that working with a knowledgeable, experienced lender can be the difference-maker when applying for popular FHA-approved HUD 232 Lean financing.
“This especially applies to borrowers who want assurances and hope to get through the process with a minimum amount of angst or confusion,” says Cambridge Realty Capital Companies Managing Director Sampada D’silva.
Cambridge is one of the nation’s leading senior housing/healthcare lenders. Ms. D’silva says the company has an impressive track record when it comes to helping clients successfully negotiate the HUD 232 application process.
“It’s important for clients to understand the need to be responsive as their loan application moves through the approval process because at least half the responsibility for sustaining momentum in a lending transaction resides with the borrower,” she said.
“Timing is critical. Without momentum, the underwriting process can unravel quickly.
“When the lender requests updated numbers of additional data, the expectation is the information will be forthcoming in a timely fashion. Borrowers should have at least three years of historical data copied and ready to present, and five years of data may be even better,” she added.
Ms. D’silva says the type of information needed to meet the lender’s due diligence requirements will vary depending upon the type of transaction it is. But there is nothing mysterious about the kinds of information lenders need to process a loan.
To guide borrowers in this area, Cambridge has posted detailed checklists in the InfoCenter on its corporate website, www.cambridgecap.com.
With more than $5.5 billion in closed senior housing capital transactions, Cambridge Realty Capital has a proven track record of getting the deal done. Whether it is conventional. an equity transaction, a bridge loan, or a HUD loan, Cambridge works closely with senior living operators to structure a customized financial package that meets their individual needs.
Of course, it’s only a great deal if it actually closes. Cambridge Realty Capital is committed to walking with its clients every step of the way, from initial inquiry to the receipt of funds. One of the things Cambridge’s clients have consistently attested to throughout its years in business is that they are never abandoned during the process. You won’t be left hanging with unanswered phone calls or unreturned emails. If it’s a concern to you, it’s a concern to Cambridge.