Great Lakes Financial Group

Healthcare

Great Lakes Financial Group has ability to finance the acquisition, construction, substantial rehabilitation or refinance your existing debt on all types of healthcare properties through FHA as well as our conventional lending partners. The types of facilities that we finance include:

• Skilled Nursing Facilities (Nursing Homes)
• Long Term Acute Care Facilities (LTACs)
• Intermediate Care Facilities
• Board and Care Homes
• Assisted Living Facilities
• Continuum of Care Retirement Communities (CCRCs)
• Hospitals and Surgery Centers

Lending parameters for new construction generally include a fixed-rate fully amortizing loan for 40 years, with interest only during construction, debt service coverage of 1.11 and a loan-to-cost of 90% of appraised value.

Terms for acquisition or refinance loans include a fixed-rate fully amortizing loan for 35 years, debt service coverage of 1.1765, 85% of market value (80% for cash-out refinance), as well as 100% of the transaction cost for a refinance and 85% of the transaction cost for a purchase transaction.