HUD 232/223(a)(7) Loans

Refinancing HUD 232 Loans for Current HUD Borrowers

If you already have a HUD 232 or HUD 232/223(f) loan on a healthcare property, but want to reduce your interest rate, increase the amortization, and/or improve the property's cash flow, a HUD 232/223(a)(7) refinancing loan could be the perfect option. Just like other variations of the HUD 223(a)(7) loan, the HUD 232/223(a)(7) loan is one of the easiest HUD multifamily loans to apply for. It requires very little in the form of third-party documentation or other time-consuming paperwork. And, like other HUD multifamily loans, HUD 232/223(a)(7) loans are non-recourse, fixed-rate, and fully assumable (with FHA approval). 

At Commercial Real Estate Loans, Inc., we're committed to helping developers create and maintain high-quality housing for America's seniors. And, we know that the HUD 232 and 232/223(f) loans are some of the best ways to finance senior developments. That's why we're ready and waiting to help investors and developers through every stage of the HUD 232, HUD 232/223(f), and HUD 232/223(a)(7) application, approval, and closing process.  


HUD 232/223(a)(7) Loan Terms and Information

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HUD 232/223(a)(7) loan terms include: 

  • Loan purpose: Refinancing HUD 232 and HUD 232/223(f) loans for current borrowers

  • Loan Size: Loans are permitted to up to "100% of the eligible transaction costs," including:

    • Existing debt principal

    • Initial replacement reserves

    • Eligible repairs

    • Third-party reports (only a PNCA, or project capital needs assessment, is typically required)

    • Prepayment penalties

  • Loan Term: May increase up to 12 years, but the new loan cannot have a term longer than the original loan: 40 years for HUD 232 loans or 35 years for HUD 232/223(f) loans

  • DSCR:

    • For-profits: 1.11x minimum DSCR

    • Non-profits: 1.05x minimum DSCR


Commercial Real Estate Loans, Inc. is the partner you need to help acquire, build, refinance, or repair your next multifamily or commercial real estate project. Whether you're a small startup or an established company, we have the knowledge and experience to give you more financing options!