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GENERAL: 800.ARBOR.10

FHA®

241(a)

Insures a second mortgage provided by Arbor to finance repairs, additions and improvements to multifamily properties and healthcare facilities with existing FHA-insured first mortgages.

Loan Term Limited to the remaining term of the first mortgage.
Amortization Fully amortizing.
Maximum Loan Amount Will be the lessor of:

  • 90% of replacement cost
  • 90% of the value
  • 1.11 Debt Service Coverage Ratio
  • 90% market value less 100% indebtedness
Rate Structure Fixed rate.
Eligible Properties Apartments, Assisted Living Facilities, Nursing Homes and other properties with FHA-insured mortgage.
Eligible Borrowers Single Asset Entity (non-profit entities eligible).
Recourse Generally non-recourse. Subject to HUD Regulatory Agreement.
Payment Negotiable. Generally one-year lockout followed by declining percentage (9-8-7-6-5-4-3-2-1) of outstanding balance.
Assumable Loans are assumable in accordance with HUD’s process.
HUD Mortgage Insurance Premium (MIP) Market Rate 0.95%; Energy Efficient and Broadly Affordable 0.25%; Affordable 0.35%.
Davis Bacon May apply depending on the original loan.

V062617

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