Loan Program Reference Guide
Every Loan Program Available
for Senior Housing
A complete reference guide to financing options for assisted living, memory care, skilled nursing, independent living, and CCRC acquisitions, refinances, and construction — as a capital broker, Haven matches you to the right program and lender for your deal.
🏛
SBA 504 & 7(a)
Government
🏗
HUD / FHA Programs
Government
🏦
Fannie & Freddie
GSE
🌾
USDA B&I
Government
🌉
Bridge & Construction
Short-Term
💎
Private Equity
Alternative
⚡
C-PACE
Alternative
📊
Compare All
Side-by-Side
ℹ️
Haven Senior Investments is a capital broker — not a lender. We do not originate loans or hold capital positions. We match senior housing borrowers to the right lender for their deal, across all programs listed on this page. Learn how we work →
Government — Small Business Administration
SBA Loan Programs
SBA-guaranteed loans are among the most accessible financing options for smaller assisted living and senior housing acquisitions — particularly for owner-operators purchasing a business alongside the real estate. Haven connects borrowers to SBA-preferred lenders with senior housing experience.
SBA 504 Loan
Long-term, fixed-rate financing for owner-occupied senior housing real estate and equipment
SBA 504
Max Leverage
Up to 85%
of purchase price (10% down typical)
Loan Cap
~$5–10M
SBA portion; total project can be larger
Amortization
25 years
Fully amortizing on the SBA debenture
Rate Type
Fixed (SBA)
Pegged to 10-yr Treasury at funding
Structure
3-party: Bank 50% / SBA 40% / Borrower 10%
Paired with a conventional first mortgage from a participating lender
Recourse
Full recourse
Best For
Owner-occupants
Operator purchasing real estate they operate
Eligible Uses
Acquisition
Refinance
Real estate purchase
Equipment
Leasehold improvements
SBA 7(a) Loan
Flexible SBA financing for senior housing business acquisitions, working capital, and real estate
SBA 7(a)
Max Leverage
Up to 85–90%
of total project cost
Loan Cap
$5M max
SBA guarantee limit
Amortization
25 years (RE) / 10 years (business)
Rate Type
Variable or fixed
Prime + spread; fixed options available
Key Advantage
Business goodwill eligible
Can finance the value of the operating business — not just the real estate — making it ideal for AL business + RE combined purchases
Recourse
Full recourse
Best For
Business + RE buyers
Eligible Uses
Business acquisition
Real estate
Working capital
Equipment
Refinance
Government — Department of Housing & Urban Development
HUD / FHA Programs
HUD/FHA-insured loans are the gold standard for permanent senior housing financing — offering the longest terms, lowest fixed rates, and non-recourse structures available in the market. Best suited for stabilized communities seeking cost-effective permanent debt.
HUD 232 — Acquisition & Rehab
For the acquisition, refinancing, or substantial rehabilitation of seniors housing and assisted living communities
HUD 232
Max Leverage
Up to 80%
85% for non-profit sponsors
Term
Up to 35 years
Fully amortizing, fixed rate
Loan Size
No min / no max
Rate Type
Fixed — locked at funding
Recourse
Non-recourse
Standard carve-outs apply
Assumable
Yes
Subject to HUD approval
MIP
1% at close · 0.65% annual
Min DSCR
1.45x
Prepayment
Locked 1 yr, then 9%→0%
Alternative structures available
Timeline
6+ months
Minimum funding timeframe
Property Types
Assisted Living
Memory Care
Skilled Nursing
Board & Care
HUD 232 — New Construction
Construction financing for new senior housing communities — converts to permanent debt upon stabilization
HUD 232 Construction
Max Leverage
Up to 80%
85% for non-profit sponsors
Term
Up to 40 years
Construction + 35-year permanent
Min DSCR
1.45x
Rate
Fixed at commitment
Recourse
Non-recourse
Assumable
Yes
Subject to HUD approval
Note
Single-close construction-to-perm
Extremely competitive long-term pricing once the property reaches stabilized occupancy
Eligible Uses
Ground-up construction
Substantial rehabilitation
Additions/expansions
HUD 223(a)(7) — Streamline Refinance
Low-cost refinance of existing HUD-insured mortgages — faster process than a standard HUD application
HUD 223(a)(7)
Eligible Loans
Existing HUD-insured only
Purpose
Rate reduction refinance
Lower rate on existing HUD debt
Timeline
Faster than standard HUD
Streamlined review process
Cash-Out
Not permitted
Key Benefit
Simplified underwriting, reduced third-party costs
When market rates drop below your existing HUD rate, this program allows you to refinance with minimal friction
Best Situation
Rate reduction
Lower monthly payment
Existing HUD borrowers
HUD 202 — Supportive Housing
Capital advances for non-profit sponsors to develop supportive housing for very low-income elderly residents
HUD 202
Borrower Type
Non-profit only
Structure
Capital advance (grant-like)
No repayment if conditions met
Resident Income
Very low income
50% or below area median income
Rental Assistance
Project-based Section 8
Program Note
Mission-driven affordable senior housing
Designed for non-profit organizations building or rehabilitating affordable senior housing for the lowest-income elderly population
Eligible Uses
Affordable housing development
Non-profit AL
IL for low-income seniors
Government-Sponsored Enterprise
Fannie Mae & Freddie Mac
GSE senior housing programs offer competitive permanent financing for stabilized communities — faster than HUD with more flexibility, and well-suited for independent living and market-rate assisted living assets.
Fannie Mae Seniors Housing
Agency financing for stabilized seniors housing communities — competitive spreads, strong certainty of execution
Fannie Mae
Max LTV
Up to 75–80%
Depending on property type & DSCR
Term
5–30 years
Fixed and floating rate options
Rate Type
Fixed or floating
Recourse
Non-recourse
Standard bad-boy carve-outs
Min DSCR
1.25–1.35x
Min Occupancy
Typically 90%+
For trailing 90 days at application
2025 Note
Competitive spread compression
Fannie Mae has re-entered seniors housing in 2025 with competitive pricing — spreads reduced approx. 25–40 bps for stabilized assets
Property Types
Independent Living
Assisted Living
Memory Care
CCRC / Life Plan
Freddie Mac Seniors Housing
Freddie Mac's dedicated senior housing program — active in the market with a range of execution options
Freddie Mac
Max LTV
Up to 75–80%
Term
5–30 years
Rate Type
Fixed or floating
CME term SOFR for floating
Recourse
Non-recourse
Min DSCR
1.30x
Cash-Out Refi
Available
Subject to LTV limits
Multifamily Overlap
Multifamily loan options for age-restricted IL
Independent living communities with limited services may qualify under Freddie multifamily programs at competitive pricing
Property Types
Independent Living
Assisted Living
Age-restricted multifamily
Mixed use IL/AL
Government — U.S. Department of Agriculture
USDA Business & Industry (B&I)
The USDA B&I loan guarantee program supports rural business development — including senior housing in eligible rural areas. For communities located in qualifying rural communities, USDA B&I can provide meaningful leverage at competitive terms.
USDA B&I Guaranteed Loan
USDA-guaranteed financing for senior housing and assisted living in eligible rural and small-town markets
USDA B&I
Guarantee
Up to 80%
Of loan amount guaranteed by USDA
Max Loan
$25M typical
$40M for specific rural priorities
Term
Up to 30 years (RE)
7 years for equipment/working capital
Rate Type
Fixed or variable
Eligibility
Rural areas / populations under 50,000
Must be in USDA-eligible geography
Borrower Type
For-profit and non-profit
Eligible Uses
Acquisition
Construction
Refinance
Working capital
Equipment
Rural AL facilities
Short-Term Capital
Bridge Loans & Construction Financing
Short-term capital for acquisitions, ownership transitions, census recovery, value-add repositioning, and ground-up development. Bridge and construction loans are the entry point before permanent financing is placed.
Bridge Loans
Short-term financing for acquisitions, CHOW transitions, lease-up periods, and value-add repositioning
Bridge
Typical Term
12–36 months
Extension options typically available
Max LTV
65–80%
Depending on occupancy & lender
Rate Type
Floating
SOFR-based or prime-based
Recourse
Typically full recourse
Amortization
Interest-only common
Exit Strategy
HUD, GSE, or conventional perm
Best Situations
CHOW / acquisition
Census recovery
Non-stabilized assets
Value-add plays
HUD pre-application
Construction Loans
Financing for ground-up senior housing development and major rehabilitation projects
Construction
Structure
Draw-based / interest reserve
Max LTC
60–75%
Of total project cost
Rate Type
Floating (construction phase)
Sources
Banks, credit unions, HUD 232
HUD 232 single-close is often preferred
Exit
HUD, GSE, or conventional perm
Upon reaching stabilized occupancy
Equity Required
25–40% typically
Eligible Uses
Ground-up AL/MC
Memory care development
Major rehab
Expansion / additions
Lease-up bridge
Alternative Capital
Private Equity & Structured Capital
When traditional debt isn't sufficient, private equity and structured capital fill the gap — providing additional leverage, working capital, or growth equity alongside senior debt.
Private Equity & Preferred Equity
Equity capital from private investors and funds — used to fill the gap between senior debt and required cash equity
Private Equity
Structure
Preferred equity or common equity
Position
Behind senior debt, ahead of common
Return Target
9–14%+ preferred return
Varies widely by deal and investor
Recourse
Negotiated per deal
When to Use
To reduce equity check or increase total proceeds
Common on acquisitions where the senior debt leaves a gap that the sponsor doesn't want to fill entirely with common equity
Typical Applications
Acquisition equity
Recapitalization
Value-add projects
Portfolio growth
Partner buyouts
C-PACE Financing
Commercial Property Assessed Clean Energy — long-term financing for energy efficiency and clean energy improvements
C-PACE
Structure
Property tax assessment lien
Repaid via property tax bill
Term
Up to 25–30 years
Long fixed-rate amortization
Max Proceeds
Up to 30–35% of property value
Recourse
Non-recourse
Tied to the property, not the borrower
Eligible States
40+ states have enabling legislation
Key Advantage
Reduces upfront equity needed for capital improvements
Great for HVAC, roofing, solar, windows, and other capital improvements — preserves cash for operations
Eligible Improvements
HVAC / mechanical
Solar / renewables
Roofing & insulation
Windows & doors
Lighting upgrades
Water efficiency
Side-by-Side
Program Comparison
Key terms at a glance — speak with Haven to determine which program fits your specific deal.
Metric
SBA 504/7a
HUD 232
Fannie/Freddie
Bridge
USDA B&I
Max LTV / Leverage
85%
80%
75–80%
65–80%
80%
Term
25 yr
35 yr
5–30 yr
1–3 yr
30 yr
Rate
Fixed / Float
Fixed
Fixed / Float
Float
Fixed / Float
Non-Recourse
✗
✓
✓
✗ (typically)
✗
Cash-Out Refi
✓
✗
✓
✓
✗
Construction
Limited
✓
✗
✓
✓
Non-Stabilized
Limited
✗
✗
✓
Limited
Business Goodwill
✓
✗
✗
✗
✓
Rural Eligible
✓
✓
Limited
✓
✓ (required)
Typical Close
60–90 days
6–12 months
45–90 days
30–60 days
90–180 days
Get Matched
Not Sure Which Program
Fits Your Deal?
Tell Haven about your property, deal type, and financing goals. As a senior housing capital broker, we'll identify the right program and connect you to the appropriate lender — at no cost, no obligation.
HAVEN IS A CAPITAL BROKER — NOT A LENDER · NO OBLIGATION · SENIOR HOUSING SPECIALISTS
