Navigating The New HUD LEAN Program

Recorded May 14, 2009

Seniors housing and care providers seeking to refinance maturing debt, or secure new debt for acquisitions, expansion and renovations, currently face a challenging market. But one lender, the HUD 532 loan program, continues to offer some of the best financing terms in our industry, including a 35-year term. Although it has been criticized in the past for taking too long to evaluate applications and being too rigid in some underwriting requirements, HUD recently updated its loan program. The HUD LEAN program has been implemented to make the process simpler and faster for not-for-profit and for-profit providers alike.

This educational offering has been approved for 2 clock hours by the National Association of Boards of Examiners of Long Term Care Administrators (NAB).

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With much fanfare, HUD announced its new LEAN program last year, but the number of financings closed under the LEAN program has been less than expected. HUD is committed to the product and to the seniors housing and care industry. If you need financing (and who doesn’t in this market?), this is an audio conference for you. By the end of this fast-paced, insightful audio conference from The SeniorCare Investor, you will:
 

● Find out what works and what doesn’t when using HUD
● Discover how to avoid any stumbling blocks in accessing the HUD LEAN program
● Who is the best candidate for a HUD LEAN loan?
● Learn some of the changes in legal requirements
● Find out what the costs and interest rates are for a HUD LEAN financing
● Discover why it has taken longer than expected to roll out, and what HUD is doing about it
● What you can expect in the months ahead
...and much more!

Featured Moderator:

 

Stephen M. Monroe is a respected and often quoted industry leader. He is the managing editor and partner at Irving Levin Associates, Inc., a research and publishing firm founded in 1948. The firm specializes in the seniors housing and health care investment markets and delivers timely market intelligence to subscribers through financial newsletters, acquisition reports and databases. Mr. Monroe is the editor of The SeniorCare Investor, the leading industry newsletter, and The Senior Care Acquisition Report, an often quoted annual study of acquisition trends in the senior care market, and executive editor of Senior Living Business. These publications have won numerous industry awards.

Featured Speakers:

Brian Pollard is a co-founder of the Lancaster Pollard companies, as well as senior managing director of Lancaster Pollard & Co., and the president and CEO of Lancaster Pollard Mortgage Company. Lancaster Pollard & Co. is a securities broker/dealer and investment banking firm providing bond underwriting and financial advisory services to the health care sector. Lancaster Pollard Mortgage Company is among the nation’s leading lenders in the HUD/FHA multifamily and USDA Section 538 programs. Mr. Pollard is a regular speaker at national conferences on investment and mortgage banking topics for the health care, senior living and affordable housing sectors. During his 20 years in the business, Mr. Pollard has structured more than 150 transactions totaling over $2 billion in principal amount, and devised a propriety program to allow senior living owners to extract equity from their properties at higher valuations and lower rates than those provided by traditional banks.

JP LoMonaco, the president of Valuation & Information Group, entered the real estate consulting industry in 1989. Within the seniors housing and health care services sectors, Mr. LoMonaco has experience in areas including lending, litigation support, asset allocation, due diligence, lease negotiation, tax appeals, bankruptcy proceedings and market and site selection. Prior to joining Valuation & Information Group, Mr. LoMonaco was the vice president of a national consulting company specializing in health care related assets and was responsible for the western real estate division. Mr. LoMonaco is a Member of the Appraisal Institute and is a Certified General Real Estate Appraiser in 14 states.

Charles C. Bissinger, Jr. (Chuck), a partner in the Cincinnati office of Vorys, Sater, Seymour and Pease LLP, has extensive experience in Federal Housing Administration (FHA) insured financings and affordable housing transactions, having closed over 1,000 FHA-insured loans on apartment properties, nursing homes and assisted living facilities. Mr. Bissinger primarily focuses his practice on the acquisition, financing, development and sale of apartments, nursing homes, assisted living facilities and other income producing properties. To date, Mr. Bissinger has closed over a dozen projects in FHA’s new LEAN Section 232 Program in eight states, including the first Section 232/223(f) LEAN loan, the first Section 232 LEAN new construction loan and the first Section 232/223(a)(7) LEAN loan.

Michael Cuba is the vice president of finance of McWil Group, Ltd./ Wilmac Corporation and its subsidiaries. Mr. Cuba has over 20 years experience in corporate finance, with most of it coming via 18 years in the senior care industry with Wilmac. Recently, he was involved as the owner’s representative in three projects taken through the HUD LEAN process. While with Wilmac, Mr. Cuba has been involved in debt restructure work and multi-million dollar development projects, as well as acquisitions and divestitures, operational and budget issues. Currently, he serves on the company’s board of directors, its 401k committee and A/R committee, and is the chairman of the Credit Committee for the Wilmac Employee’s Credit Union.

Click here to order a CD or Transcript or call 1-800-248-1668.