Credit Options for Skilled Nursing and Assisted Living Facilities

With America’s aging populating growing in numbers, the need for qualified skilled nursing and assisted living facilities continues to be a viable business option. Adult children want facilities easily accessible to them; while many seniors would like to remain living in their familiar cities and towns. While not in place yet, soon every sized metropolitan area will need a safe, skilled residence for its elderly population.

Understanding the needs of dedicated professionals, interested in operating their own nursing homes and assisted living facilities, healthcare facility financing is available for the new construction of these businesses. If purchasing an existing site or if converting a location to a nursing facility, loans are also available for projects requiring significant rehabilitation. If eligible, HUD loans are offered as LEAN FHA Insured Loans. These loans offer a 35 year, fixed-rate mortgage.

Facilities already utilizing a facility loan can check to see if their loan’s interest rate is competitive and if able to secure a better mortgage rate, can apply for a refinancing of an existing LEAN FHA Insured Loan. If the rate is satisfactory but more credit is needed, second mortgage programs are also available to ensure facilities are clean, safe and accommodating to those requiring nursing assistance.

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