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Assisted Living Financing

In general, there are three main types of loans that assisted living providers, or any other healthcare facilities, seek:

Construction loans: to build new facilities
Acquisition loans: to acquire existing healthcare facilities
Refinance loans:
- to replace current debt that is maturing
- to replace current debt that carries a high interest rate
- to replace recourse with non-recourse debt
- to modernize or re-position a facility in an existing market
- to cash out with some equity

Typical assisted living facility financing lenders
recourse loans (personal guarantees)
20-25 year amortization with a five year maturity
interest rate float with prime or LIBOR
typically not interested in cash out
Specialty finance companies
recourse loans (personal guarantees)
20-25 year amortization with a three to five year maturity
interest rate float with prime or LIBOR (typically higher than bank rates)
will entertain some portion to cash out
Government insured products (FHA/HUD, FNMA, SBA, USDA)
non-recourse for FHA/HUD
up to 35 year amortization, fully amortizing
interest rates fixed for entire loan term (at closing)
no cash out
What makes for a good borrower in the lenders eyes?
Contrary to what some operators and owners believe, this is not one of those black box questions with some mysterious answers. Here are some characteristics that lenders are going to be looking for
Industry experience (seems kind of obvious doesnt it, but dont forget to highlight your experience it counts!)
Accurate data with at least three years operating results (please make sure its organized too!)
Good credit history (if you dont its not the end of the world, but it will definitely limit your options)
Positive trend analysis (lenders are not particularly anxious to lend to someone whose operating results have been trending downwards for the past few years)
Dont forget that a presentable facility with a good star rating is a definite plus in the lenders minds too.

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