Executive Summary FHA number: Project name: Project location: <<street address, city, county, and state>> Lender’s name: Lenders UW: UW trainee: Borrower: Operator: Parent of operator: Management agent: General contractor: License holder: Borrower Operator Management agent Type of facility: Skilled Nursing (SNF): beds units Assisted Living (AL): beds units Board & Care (B&C): beds units Dementia Care: beds units Independent Living (IL): beds units Total: beds units Mortgage Amount: $ Loan-to-value: % Loan to transaction cost: % Term: years Interest rate: % Principal & interest: (without MIP) $ DSCR (with MIP): % Market value per bed/unit*: $ Underwritten market value: $ Cap rate: % Mortgage amount per bed/unit*: $ *Use per bed for SNF, or facilities with multiple care types (e.g., SNF/ALF). Use per unit for ALF only.
Key Questions – Market Analyst Yes No Does the market analyst have the knowledge and experience to complete the assignment competently? . Is the market analyst currently active in the market analysis of other healthcare properties? Is the market analyst experienced in the market area that the subject property is located in or established expertise by a thorough investigation of the market? Did the market analyst personally inspect the property, perform the market analysis, and prepare and sign the market study? Key Questions - Appraiser Yes No Is the appraiser is a Certified General Appraiser under the appraiser certification requirements of the state where the subject property is located as of the effective date of the appraisal? (See note below this section.) . Does the appraiser meet the requirements of the Competency Rule described in USPAP? Did the appraiser sign the appraisal and the required certifications? Is the appraiser currently active in the appraisal of other healthcare properties? Is the appraiser experienced in the market area in which the subject property is located, or establish competency as per USPAP? Did the appraiser meeting the above qualifications, personally inspect the property being appraised? If more than one appraiser worked on the appraisal, did they all sign the report and certifications? NOTE: If you answer “no” to any of the questions above, the appraiser does not meet HUD requirements. The appraiser must be a Certified General Appraiser under the appraiser certification requirements of the state that the subject property is located, as of the effective date of the appraisal (temporary certifications are permissible) and must meet all requirements of the Competency Rule of the USPAP. Lender verification of an appraiser’s current standing can be done at . Housing Consultant (if applicable) Name of consultant: Relation to borrower, if any:
General requirements Builder’s overhead Builder’s profit Other fees Bond premium Total construction contract Architect’s Fees <<Provide narrative describing budgeted architect fees (design/supervision). For example: “The total architectural fees of $XXX are estimated. The fee represents XX% of the total cost of structures, land improvements, and general requirements.” Indicate whether or not an identity of interest between the borrower and the architect is planned or if there will be multiple AIA B108 contracts.>> Other Fees-Borrower <<Provide narrative discussion as necessary.>> Schedule of Other Fees to be paid by Borrower (Double click inside the Excel Table to add information) Offsite and Demolition <<Describe any offsite work to be accomplished and who will be performing the work. If the general contractor is responsible, describe the cost attributed to it and the cost reviewer’s conclusions about the work and the cost. If the city will be performing the work, describe any related costs or hookup fees. Describe any demolition that may apply; discuss costs and any other requirements or issues.>> Replacement Reserve Summary Annually Per Unit Reserve for replacement Realty $ $ Major movables $ $ Total $ $ Was the standard HUD formula used to calculate the annual reserve for replacement deposits? (A “no” answer requires a waiver.) Yes No
Principal of the Borrower – <<enter name of principal here>> <<Provide this section for each principal of the borrower.>> Key Questions Yes No According to the application exhibits, is or has the principal been delinquent on any federal debt? . According to the application exhibits, is or has the principal been a defendant in any suit or legal action? According to the application exhibits, has the principal ever filed for bankruptcy or made compromised settlements with creditors? According to the application exhibits, are there judgments recorded against the principal? According to the application exhibits, are there any unsatisfied tax liens against the principal? <<For each “yes” answer above, provide a narrative discussion on the topic describing the risk and how it will be mitigated. >> Organization <<Not applicable to individuals. If the principal is an entity, provide the following:>> Name: State of organization: Date formed: Termination date: <<As applicable, please provide organization chart and narrative discussion.>> Experience/Qualifications <<Provide narrative description of principal’s experience and qualifications. Discussion should highlight direct experience and involvement in other HUD transactions. This section should clearly demonstrate that the borrower will have sufficient expertise from which to draw to successfully on to own the facility.>> <<Narrative must also include a discussion on the available working capital of the party (or parties) who will be responsible for providing the financial requirements for closing and beyond. The discussion must clearly show that this party has the ability to support the project over the long-term. In addition, include the percentage of owner’s/principal’s equity into the project, net worth, and liquidity. See Program Guidance below.>> .