Definition: Identifies whether the property is occupied by senior citizens (age 55 or over).
Section 231 insures mortgage loans by facilitating the rehabilitation and construction of senior housing properties. Section 231 may also be used to insure mortgage loans to facilitate the rehabilitation and construction of facilities who house people with disabilities.
A Fannie Mae (“Fannie Mae” or FNMA) mortgage is a loan product for apartment buildings with 5+ units. These loans can be fixed or floating and are generally non-recourse. It is a great product for various multifamily property types, including conventional apartments, affordable housing, senior housing, student housing, cooperative housing, and manufactured housing. It can also be used for mixed-use buildings where the other commercial units make up 20% or less of the gross income. Fannie Mae loans are only available for experienced multifamily investor/managers.
his type of loan is for the acquisition or refinance of senior housing properties including: independent living communities, assisted living communities, skilled nursing or memory care facilities.
Commercial Loan Direct offers financing for senior housing mortgages including congregate care facility mortgages, assisted living property mortgages, skilled care nursing home mortgages, and continuing care retirement community loans.
For those of you who are getting familiar with Fannie Mae Loans, this program offers federally guaranteed mortgages and is one of the largest multi-family loan programs in the country. There are both fixed and variable products available for all property types and are offered nationwide. Properties that fall under the Fannie Mae category are apartments, affordable housing, senior housing, student housing and manufactured housing. There are two major Fannie Mae loan programs in which the majority of products fall under. These loan products are called The Standard DUS Mortgage Product and the Small Loan Programs.
