With the huge baby-boomer population growing older, there is no doubt that need to have ample senior living housing follows suit. Whether it’s assisted living, independent living, Alzheimer’s care or senior lifestyle complexes, PHD Financial can find you the loan product that meets your needs.

Fixed Rate Mortgage

The Fixed-Rate product is for the purchase or refinance of existing, stabilized properties including traditional, affordable housing, seniors housing, student housing, and manufactured housing communities. Maximum LTV is 80% for purchases and 75% for refinances with a 1.25x DSCR requirement. Loan terms are from 5-15 years.

Structured Adjustable Rate Mortgage

The Structured ARM product is for the purchase or refinance of existing senior housing or communities. Senior housing, and moderate rehabilitation mortgages may be eligible on a case-by-case basis. Affordable housing, bond credit enhancements and substantial rehabilitation are not eligible. The minimum loan amount is $25 million, maximum LTV is 75%, minimum DSCR is 1.0x and terms range from 5-10 years.

Adjustable Rate Mortgage 7-6

The ARM 7-6 product is for the purchase or refinance of existing, stabilized senior living properties and communities. Maximum LTV is 80% for purchases and 75% for refinances with a 1.00x DSCR requirement at the loan cap rate. Loan terms are 7 years with a 1-year lock-out period and a 1% prepayment premium thereafter.

Senior Housing Financing

The Senior Housing product is for the finance or refinance of existing properties that provide Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or any combination thereof for senior citizens. Sponsors and Operators must have a minimum of five years experience in the seniors housing industry and a minimum of five stabilized properties. Maximum LTV is 75%, minimum DSCR is 1.30x. for IL, 1.40x for AL, and 1.45x for ALZ.

Supplemental Loans

The Supplemental Loans product is subordinate financing for properties with a pre-existing fixed or adjustable Fannie Mae Mortgage Loan that has been in place for a minimum of 12 months. Maximum LTV is 75% and minimum DSCR is 1.30x. New third party reports may not be required, and early rate lock is available for a fee.

Choice Refinance Program

The Choice Refinance product is a streamlined refinance process with more limited documentation for existing DUS Cash or MBS mortgages to be refinanced by the same lender. Properties must be stabilized and well-maintained; and mortgages must be in good standing.