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Commercial Property Financing – Healthcare Facility Programs
Nursing Homes / Assisted Living Facilities
New Construction and Substantial Rehabilitation
Gershman Mortgage offers commercial property financing loans for the new construction and substantial rehabilitation of nursing homes, intermediate care facilities, board and care homes and assisted-living facilities. Projects are eligible for HUD secured financing under LEAN Processing. Available for both profit-motivated and not-for-profit projects.
Acquisition and Refinancing
To refinance existing nursing homes, intermediate care facilities, board and care homes and assisted-living facilities without major repairs, Gershman offers loans insured through HUD which are eligible for up to 35 years fixed rate financing. Available for both profit-motivated and not-for-profit projects.
Gershman Mortgage offers loans for construction financing, refinancing, modernization, remodeling, equipment and expansion through the HUD/FHA Section 242 Program for acute care hospitals or critical access hospitals. As an FHA-Approved Lender, Gershman Mortgage works with HUD and the Department of Health and Human Services throughout the process to ensure a successful approval.
Documents Required to Review Loan Requests
New Construction/Substantial Rehab of Nursing Homes – HUD 232
- Description of proposed project
- Preliminary plans, if available
- CON, if required
- Breakdown of number of beds
- Proposed per day rates for Medicare, Medicaid and private pay
- Land acquisitions cost
- Proposed estimated construction cost or rehabilitation cost, if available
Nursing Homes and Assisted Living Facilities – HUD 232/223(f)
- Copy of state license, if applicable
- Balance sheets, statements of income and expenses and “Statement of Change in Financial Position” on the existing facility for the last three years
- Current pay rates for Medicaid, Medicare, and private pay
- Breakdown of numbers of beds/units by type
- Census for last 6 months
- Description of the hospital – include improvements to be made and equipment to be purchased
- Three years financial statements
- Latest interim financial statement