$44.4 Million
FHA New Construction

Inspiration at Cottonwood
Cottonwood, AZ
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HUD / FHA Advantage

  • Refinancing and Acquisition financing for Market Rate, Affordable Multifamily and Healthcare

  • New Construction with Permanent Take-Out Financing Upon Completion of Construction

  • Non Recourse

  • Fully Amortized – No Balloon Payment

  • Fully Assumable

  • 10 Year Step Down Prepayment Penalty

  • Long Term Fixed Rate

    • Up to 35 Year Term and Amortization (Refinance/Acquisition)

    • Up to 40 year Term and Amortization (New Construction/Substantial Rehabilitation)

  • Higher LTV or LTC

    • 85%-90% LTV (Refi / Acquisition)

    • 85%-90% LTC (New Construction/Substantial Rehab)

“We have been doing business with Paragon Mortgage (now BWE) since 1993. The ownership and team have been very consistent over that time-frame and they just know how to effectively navigate the HUD process here in Arizona. In my opinion there is no way I would use anyone else to process a HUD project."
David Dewar
Moderne, Co-Founder/Chief Innovation Officer

Financing Options

Section 223(f)

  • Refinancing or Acquisition of existing Apartments properties of any Class

  • Average Processing Time: 4-6 Months

Section 221(d)(4)

  • New Construction or Substantial Rehabilitation of apartments

  • Provides fixed rate and fully amortized for 40 years that converts to permanent loan after construction is complete and includes the up to three years interest-only fixed rate during construction

  • Average Processing Time: 9-12 Months

Section 232-223(f)

  • Refinance or Acquisition of Residential care facilities including Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities

  • Average Processing Time: 6-9 Months

Section 220, 241(a), 242

  • Secondary Specialed Multi Family and Healthcare Mortgages

  • Average Processing Time:

    • 220: 9-12 Months

    • 241(a): 6 Months

    • 242: 9-12 Months

Section 223(a)(7)

  • Refinancing of existing FHA insured Multi Family Mortgages

  • Average Processing Time: 4-6 Months

Section 232

  • New Construction or Substantial Rehabilitation of Nursing Homes and Assisted Living projects

  • Provides fixed rate and is fully amortized for 40 years that converts to permanent loan after construction is complete and includes the up to three years interest-only fixed rate during construction

  • Average Processing Time: 9-12 Months

Section 232-223(a)(7)

  • Refinance of Existing FHA Insured Mortgages Residential Care Facilities including Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities

  • Average Processing Time: 4-6 Months

The BWE Difference

EXPERTISE

BWE is an FHA, HUD MAP and Lean approved mortgage lender with an experienced division of the firm solely focused on HUD-insured financing.  Our professionals have successfully closed in excess of $5 billion in loans over the past 34 years. We look at all projects on their merits – even very complex deals – and create a plan for a successful process with HUD.

EXPERIENCE

Our highly experienced staff of underwriters and project coordinators each have decades of experience underwriting and processing HUD loans.  They understand government requirements and guidelines and are at the forefront of our industry.  That expertise continues even after the loan closes with ongoing guidance and assistance with any questions – even years later.  We are always happy to help.

EXECUTION

Throughout the HUD application and closing process you will be working with a team of professionals who are dedicated to your project.  Detailed weekly status updates, development team coordination, and high-quality service to our clients is our hallmark.  We also provide expert guidance to the team on application requirements, third party vendors, title and closing matters.

RESULTS

Our applications move more quickly through the HUD process because of our decades of experience, reputation and relationships. From the beginning of our work on a project we provide you with realistic expectations for processing and we eliminate any factor that wastes your time. Our HUD applications are consistently successful- and faster-due to our attention to detail and superior application processes. The results are that the BWE team achieves one of the highest HUD firm application to approval rate within the industry.

HUD Refinance Loan Process

Pre-Engagement

  • Sizing

  • Engagement Letter

  • Kick-off Call

Prepare Firm Application

  • Collect Documents

  • Complete Underwriting

  • Sign and Complete HUD Forms

  • Order PCNA and Appraisal

HUD Review and Approval

  • Engage Legal Counsel for Closing

  • Begin Closing Process

  • Receive Firm Commitment from HUD

Closing

  • Rate-lock

  • Submit Closing Documentation

  • Close

HUD New Construction Loan Process

Pre-Engagement

  • Sizing

  • Paragon Agreement

  • Engagement letter

  • Kick-off call

HUD Pre-Application

  • Finalize plans and construction budget

  • Collect documents

  • Receive invitation to submit Firm Application

Closing

  • Rate-lock

  • Submit Closing documentation

  • Close

Prepare for Concept Meeting

  • Perform Market Analysis

  • Prepare Concept Package

  • HUD Concept Meeting

Prepare Firm Application

  • Collect documents

  • Complete underwriting

  • Sign and complete HUD forms

  • Prepare Firm Application

Prepare Pre-Application

  • Collect documents

  • Order Appraisal and Phase 1

  • Complete Underwriting

  • Prepare Pre-Application

HUD Review and Approval

  • Engage legal counsel for Closing

  • Begin Closing process

  • Receive Firm Commitment from HUD

Our Results

$21,112,200

Anthem on 12th

221(d)(4) Affordable

$30,298,700

McCarty Commons

221(d)(4) Affordable

$44,400,000

Inspiration at Cottonwood

221(d)(4) New Construction

$53,400,000

Eldorado Springs Apartments

221(d)(4) New Construction

$45,100,000

The Alexander

221(d)(4) New Construction

$18,600,000

59 Evergreen Apartments

221(d)(4) New Construction