Senior Housing

Great Lakes Financial Group offers a variety of options for age-restricted, independent living senior housing properties through FHA, Freddie Mac and Fannie Mae as well as with our conventional lending partners. Loans are available for:

• Acquisitions
• Construction
• Substantial rehabilitation
• Refinancing of existing debt

Age-restricted housing may be financed through numerous lending programs for new construction and substantial rehabilitation. Borrowers can take advantage of a fixed-rate, fully amortizing loan for 40 years, with interest only during construction, debt service coverage of 1.10 and a loan-to-cost up to 100%.

Programs are available also for acquiring or refinancing projects, including a fixed-rate, fully amortizing loan for 35 years, debt service coverage of 1.15, 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.

Typical acquisition or refinancing loans through conventional senior housing financing sources include short-term floating-rate structures with interest only payments and fixed-rate loans with a 10-year term and 25 to 30-year amortization schedules, typically 70-75% LTV.