Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, now offers the U.S. Department of Housing and Urban Development's (HUD) new LEAN program for Section 232/223(f) for refinance and acquisition of nursing homes and assisted-living facilities.
This pilot program can help borrowers reduce processing time of healthcare loans to 60 days or less from firm application to closing, Arbor says.
‘This new program not only significantly decreases FHA's processing time, but will also provide consistency and efficiency in FHA's review, reducing the number of processing steps from 57 to 16,’ states Wendy Stamnas, chief FHA underwriter at Arbor. ‘These changes make the 232/223(f) LEAN Program extremely competitive in the market.’
Some of the major changes that will streamline the 232/223(f) program include a reduction in the number of HUD forms and elimination of duplicate information requests; electronically submitted applications and electronic fee payment; Federal Housing Administration (FHA) review completed by a dedicated, virtual processing team knowledgeable in seniors housing; elimination of the Proprietary Earnings Adjustment; and initiation of FHA legal review at the application stage.
Source: Arbor Commercial Funding
