Insured HUD Loan Refinances Skilled Nursing Home in Owensville, IN

CHICAGO, IL--Cambridge Realty Capital Companies reports closing on a $4.32 million FHA-insured HUD Lean mortgage loan for Transcendent Healthcare of Owensville, a 68-bed skilled care nursing home in Owensville, Indiana.

Cambridge Chairman Jeffrey A Davis (top right photo)  said the fully-amortized, 27-year term loan was arranged for the property’s owner, an Indiana limited liability company, by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business entity responsible for underwriting HUD loans. The property was refinanced using HUD’s Section 232 pursuant to Section 223(f) program.

HUD’s new Lean program introduced sweeping changes in the way insured loans are processed and approved. Responsibility for processing HUD loans has been shifted from field offices to FHA’s Office of Insured Healthcare Facilities (OIHCF) in Washington, D.C., and efforts to streamline the funding process have been put in place.

There is now a single source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders. The goal is to process loans on a timetable that more closely resembles the timing for conventional funding sources, Davis said.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com