What do lenders require to refinance an assisted living facility?
Direct answer
Lenders refinancing an assisted living facility typically require historical and trailing-12-month financial statements, a current rent roll and census, occupancy history, an appraisal, a property condition review, licenses and recent survey results, and information on the operator's experience and the borrower's finances.
What to know
Lenders size loans on NOI, so a stable occupancy trend matters.
Federally related financing requires a licensed MAI appraisal, which typically takes 4 to 8 weeks.
Operator experience and survey history affect approval and terms.
How Haven helps
Haven helps owners prepare lender packages and connects them with lenders. See our capital solutions.
Related questions
- What are my options if refinancing cannot close before my loan matures?
- Can you get an SBA loan to buy an assisted living facility?
- What steps should I take to refinance a senior housing loan before it matures?
- How much down payment do I need to buy an assisted living facility?
- How early should I start refinancing my senior housing loan?