They also have seniors housing programs, which are specifically for congregate care and assisted living. The interest rates for seniors housing such as assisted living are almost identical to the interest rates for apartment buildings. For all Fannie Mae and Freddie Mac loans, paperwork levels are similar to those of any non-recourse lender. Since no personal guarantees are in place, and only the property is collateral, underwriters look at properties operating numbers more closely than some lenders, using a review similar to a Wall Street conduit or a life insurance company. Timing from application to loan closing is about 30 days to 90 days for an existing property.
Timing is based on the lender and the complexity of the transaction.
Len P. Deering, CCIM, is a vice president at ARCS Commercial Mortgage Co. LP in Oak Brook, Ill., which is a Fannie Mae delegated underwriter and servicer and Freddie Mac Program Plus lender. Copyright 2001 CCIM Institute. All rights reserved.