NATIONWIDE FHA / HUD DIRECT LENDING
A nationwide direct FHA lender for seniors housing, skilled nursing, affordable and market rate multifamily.
Blueprint originates and services the full range of FHA insured loans — multifamily and healthcare — with long term, fixed rate, fully amortizing, non-recourse capital. Where FHA is not the answer today, we arrange bridge to HUD debt and raise the capital to get there.
SKILLED NURSING
ASSISTED LIVING
SENIORS HOUSING
AFFORDABLE MULTIFAMILY
MARKET RATE MULTIFAMILY
A HUD MAP and LEAN approved platform pairing FHA execution expertise with Blueprint’s command of the multifamily, seniors housing, and skilled nursing sectors.
40 yr
FIXED RATE, FULLY AMORTIZING
87% Market Rate
90% Affordable
LOAN TO VALUE / COST
Nonrecourse
STANDARD CARVE OUTS
WHY HUD
The most patient capital in commercial real estate.
FHA insurance lets owners and developers lock in terms conventional and agency debt cannot match. Blueprint manages a complex process so those advantages reach the closing table.
01
Long, fixed amortization
Up to 35 years on existing assets and 40 years on new construction, fully amortizing with no balloon and a rate fixed for the full term.
03
High leverage
Up to 87% for market rate and 90% for affordable and rental assistance properties.
02
Nonrecourse
No personal liability beyond standard bad act carve outs, protecting sponsor balance sheets.
04
Fully assumable
Loans transfer with the asset subject to HUD approval, adding real value at sale.
LOAN PROGRAMS
One platform, the full FHA toolkit.
Two complementary tracks — multifamily and healthcare — covering market rate and affordable housing, seniors housing, and skilled nursing. Terms are indicative; final structure follows underwriting and market conditions at rate lock.
Healthcare & Seniors Housing
Healthcare & Seniors Housing
Section 232 · 232/223(f) · 232/223(a)(7) · 241(a)
Property Class
Purpose
Term & Amortization
Leverage
Minimum DSCR
Section 223(a)(7)
Refinancing Properties with Existing HUD Debt
Up to 12-yr extension, or original loan term
No LTV Test
Loan amount is principally limited by existing FHA-insured debt and eligible transaction costs.
For Profit: 1.11x
Nonprofit: 1.05x
Section 232/223(f)
Acquisition & Refinance
Up to 35 yrs, fully amortizing
For Profit: 80% LTV
Nonprofit: 85% LTV
1.45x
Section 241(a)
Supplemental Loan
Supplemental and first mortgage must expire on same date
Up to 90% LTV and 90% LTC
1.45x
Combined first and supplemental mortages
Section 232
Construction & Substantial Rehab
40 yrs, fully amortizing
For Profit: 75%-80% LTV
Nonprofit: 80%-85% LTV
Varies by facility type, see detail below.
1.45x
Multifamily — Market Rate & Affordable
Property Class
Purpose
Term & Amortization
Leverage
Minimum DSCR
Section 221(d)(4)
New Construction & Substantial Rehab
Up to 40 years, fully amortizing after construction; plus the insured construction period
Market Rate: 87% LTC
Affordable/Subsidized: 90% LTC
Eligible Middle Income: 90% LTC
Market Rate: 1.15x
Affordable/Subsidized: 1.11x
Eligible Middle Income: 1.11x
Section 223(f)
Acquisition & Refinance
Up to 35 yrs, fully amortizing
Market Rate: 87% LTV
Affordable: 90% LTV
Subsidized: 90% LTV
Cash-out refinancing remains subject to the separate 80% LTV criterion.
Market Rate: 1.15x
Affordable/Subsidized: 1.11x
Section 223(f) Heavy
Value-Add & Repositioning
Up to 35 yrs, fully amortizing
Market Rate: 87% LTV
Affordable/Subsidized: 90% LTC
Eligible Middle Income: 90% LTC
Market Rate: 1.15x
Affordable/Subsidized: 1.11x
Section 223(a)(7)
Streamlined Refinance of Existing FHA-Insured Debt
Up to 12 years past existing originally-insured FHA mortgage maturity, Subject to 75% of remaining useful life/original maximum term.
No LTV Test
Up to 100% of eligible refinancing costs, subject to the original insured principal balance and applicable sizing limits.
Market/Affordable: 1.11x
Subsidized: 1.05x
WHO WE SERVE
Capital Across the Housing Spectrum.
Assisted Living & Skilled Nursing
Residential care facilities served through the Section 232 LEAN platform.
Affordable Multifamily
LIHTC, Section 8, and rental assistance properties qualifying for the highest leverage and lowest coverage.
Senior Housing
Independent and assisted living communities seeking long term, fixed rate permanent debt.
Market Rate Multifamily
Conventional apartments financed for acquisition, refinance, value add, or ground up construction.
OUR PROCESS
A defined path from engagement to closing.
Multifamily moves through MAP and healthcare through ORCF. Blueprint manages every step so the timeline stays predictable and the file stays clean.
01
Screen & size
We model the asset, confirm eligibility, and issue indicative sizing and a quote.
03
Application
Underwriting package assembled and submitted to HUD for review.
05
Close, Draw, & Service
Loan closes and transitions to Blueprint's servicing team.
02
Engagement
Term sheet executed and third party reports ordered: appraisal, PCNA, Phase I.
04
Firm Commitment
HUD issues commitment; borrower locks rate ahead of closing.
TRANSACTION EXPERIENCE
Execution that brings stability and opportunity.
A selection of recent FHA/HUD financings across the multifamily and healthcare spectrum.
Healthcare & Seniors Housing
BRIDGE TO HUD
748 Bed SNF Portfolio
Interim bridge financing positioned a skilled nursing portfolio for a seamless transition into long term HUD insured permanent debt.
$75,416,300
Transaction Volume
232 / 223(F)
Three Community Scattered Site
Combined three proximate assisted living communities into a single refinance, saving the sponsor time and cost while freeing capital for reinvestment.
$3,890,000
Transaction Volume
232 / 223(F)
58 Unit Memory Care Community
Retired a bridge loan into permanent FHA insured debt, locking in long term stability for a specialized memory care asset.
$6,958,000
Transaction Volume
Multifamily
Refinance
- 207/223(f)
124 Unit Section 8 Elderly Apartments
Provided capital for the refinancing of existing bond debt for a Chicagoland asset.
$22,219,100
Transaction Volume
Refinance
- 207/223(f)
150 Unit Affordable Apartments for the Elderly
150 unit asset located in Arizona.
$17,200,000
Transaction Volume
Refinance & Upgrade
- 207/223(f)
Affordable Apartment Buildings for the Elderly
Executed the refinance of existing capital debt for a 3 asset portfolio in Kentucky.
$16,970,000
Transaction Volume
OUR TEAM
Immediate access to unmatched execution expertise.
Origination, underwriting, and servicing under one roof — senior bankers
who have closed FHA/HUD loans through every market cycle.
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Tony Marino
Senior Managing Director, HUD
tmarino@blueprinthcre.com
Chicago, IL
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Ramona Mitchell
Chief Underwriter, HUD
rmitchell@blueprinthcre.com
Hanover, MD
Yvonne Redd
Director, HUD Servicing
yredd@blueprinthcre.com
Norfolk, CT
