Saturday, December 20, 2008
FHA GNMA debt has always had some of the best rates since the Government insures the loan holders against losses. In the NEW WORLD I consider it the best program available nationally. We can credit enhance tax-exempt bonds, but in our recent deal for a non-profit healthcare provider we where able to achieve a lower rate with a taxable GNMA and we save massive negative arbitrage and issuance costs. The FHA department worked hard and fast on this deal and even allowed processing of the loan without final drawings.The FHA 242 Program with mortgage insurance can save the hospital mortgage interest so that the saving can be used for repairs and modernization. The program may be used for existing or start-up hospitals or to finance construction, modernization, equipment, refinancing (limited to 80% of the insured loan amount), remodeling, expansion and acquisition. FHA Section 242 Hospital Mortgage Insurance is for urgently-needed hospitals and to facilitate affordable loans for nonprofit, public-owned, and for-profit borrowers. Give FHA a new look you will not regret it!
FHA has issued over $13 billion in financing commitments and closed more than 80 FHA 242 property loans in 42 states since it was created in 1968. This includes hospitals of all sizes and geographic locations from rural critical access hospitals to some of the largest urban facilities in the country.