Form is electronic and all attachments are electronic, all ...
232/223f Streamline Refinance/Purchase
HUD Loan Committee Memorandum
To: Loan Committee
|From: |OHP Underwriter: | |
| |Workload Manager: | |
Date:
Subject: Firm Commitment for Name of Project, FHA Number
Recommendation: Firm Commitment Rejection
|Location: | |
|Transaction: | Refinance | Purchase |
|Lender: | |
|Lender’s UW: | |
|Lender’s UW Trainee: | |
|Mortgagor: | |
|Operator: | |Operating Lease? | |
|Parent of Operator: | |
|Management Agent: | |
|License Holder: | Mortgagor | Operator | Management Agent |
|Type of Facility: | |Skilled Nursing: | |beds | |units |
| | |Assisted Living: | |beds | |units |
| | |Board & Care: | |beds | |units |
| | |Dementia Care: | |beds | |units |
| | |Independent: | |beds | |units |
| | |Total: | |beds | |units |
|Mortgage Amount: |$ |LTV Ratio: |% |Market Value per Bed: |$ |
|Principal & Interest: |$ |Cap Rate: |% |Mortgage Amount per Bed: |$ |
|Interest Rate: |% |DSC Ratio: | |Expenses per Bed: |$ |
| | |(with MIP) | | | |
|Term: |years | | | | |
|Year Built: | | | |Remaining Economic Life: |years |
| | | | | | |
OHP Underwriter Comments/Adjustments (as applicable):
| Gross Income: |$ | |Occupancy Rate: |% |
|Effective Gross Income: |$ | |Expense Ratio: |% |
|Expense & Repl. Res.: |$ | | | |
|Net Operating Income: |$ | | | |
OHP Underwriter Comments/Adjustments (as applicable):
|Repairs | | |Replacement Reserves | |
| Critical: |$ | |Initial Deposit: |$ |
| Non-Critical: |$ | |Annual Deposit: |$ |
| Borrower Proposed: |$ | |Annual Deposit per Bed: |$ |
|Total: |$ | | | |
|Repairs per Bed: |$ | |Other Escrow/Reserves | |
| | | |(Type): |$ |
| | | |(Type): |$ |
OHP Underwriter Comments/Adjustments (as applicable):
|CMS Rating |Overall | |Health |Nursing |Quality |
|# of stars: | | | | | |
OHP Underwriter Comments/Adjustments (as applicable):
| |Yes |No |Comments: |
|Underserved Area: | | | |
|Allocated Debt: | | | |
|A/R Financing: | | | |
|Portfolio: | | |If Yes: 1 of __ | |
|Master Lease: | | | |
|Waivers: | | | |
|(list, as applicable) | | | |
PROJECT ANALYSIS
If charts are outdated when they are pulled from the queue, have Lender do the updates
❖ Mortgage Determinants table from Lender Narrative:
|Fair Market Value: |$ |
|Debt Service: |$ |
|Transaction Costs: |$ |
OHP Underwriter Comments/Adjustments (as applicable):
❖ Sources and Uses Chart from Lender Narrative:
|Estimated Sources | |
|Loan Amount | $ |
|Deposits received for HUD Exam Fee | $ |
|Deposits received for Reports | $ |
|Total Sources | $ |
| | |
|Estimated Uses | |
|Existing Debt Balance-Wachovia Bank acquisition loan |$ |
|Repayment of Investor debt |$ |
|Initial Deposit to Reserve Fund | $ |
|Estimate of Repair Cost (Critical & Non Critical) | $ |
|FHA Inspection Fee | $ |
|Financing Fee | $ |
|Legal & Organizational | $ |
|Third Party Fees | $ |
|Title & Recording | $ |
|FHA Exam Fee | $ |
|First Year MIP | $ |
|Placement/GNMA Custodian Fee | $ |
|Total Uses | $ |
OHP Underwriter Comments/Adjustments (as applicable):
❖ Market Value Summary chart of Subject from Lender Narrative:
|Market Value Summary |
|Approach |Appraisal |Underwriter |
|Income | | |
|Comparison | | |
|Cost | | |
|Conclusion: | | |
OHP Underwriter Comments/Adjustments (as applicable):
❖ “Key Data” section of the Expense Analysis (Subject) chart from Lender Narrative, under the Historic Comparison of Expenses section
(Per Resident Day)
| | | | | | | | |
|Net Operating Income | | | | | | | |
|Expense Ratio | | | | | | | |
|Occupancy | | | | | | | |
|Total Units | | | | | | | |
[Note: New Lender Narrative has more comprehensive chart]
OHP Underwriter Comments/Adjustments (as applicable):
❖ Historical Comparison of Net Operating chart from Lender Narrative:
(total $)
[pic]
[Note: New Lender Narrative has more comprehensive chart]
OHP Underwriter Comments/Adjustments (as applicable) – Underwriter must explain material variations:
❖ Capitalization Rate – Comparable Sales chart from Lender Narrative:
[pic]
[Note: New Lender Narrative has more comprehensive chart]
OHP Underwriter Comments/Adjustments (as applicable) – Underwriter must explain material variations:
❖ Unit Mix Chart of Subject from Lender Narrative:
[pic]
OHP Underwriter Comments/Adjustments (as applicable):
❖ Census Mix – Subject History table from Lender Narrative:
(% of beds)
[pic]
❖ Census Mix – Market Comparables table from Lender Narrative:
(% of units)
[pic]
[Note: New Lender Narrative has more comprehensive chart]
OHP Underwriter Comments/Adjustments (as applicable):
❖ Historical Occupancy Analysis from Lender Narrative:
[pic]
[Note: New Lender Narrative has more comprehensive chart]
OHP Underwriter Comments/Adjustments (as applicable) – Underwriter must explain material variations:
❖ Sensitivity Analysis from Lender Narrative: (to maintain a DSC of 1.0)
➢ Medicaid Revenue could decrease by %, and Medicare Revenue could decrease by %
➢ Occupancy could decrease by % ( % occupancy, to % occupancy)
➢ Operating Expenses could increase by % ($ ppd, to $ ppd)
[Note: New Lender Narrative has more comprehensive chart]
OHP Underwriter Comments/Adjustments (as applicable):
PROJECT DESCRIPTION
Avoid allowing one chart to be separated on multiple pages – if required, ensure headers are copied to next page.
|Market Analysis |Accept |Issues |N/A |Comments: If acceptable, briefly state why. If issues noted, briefly summarize, along |
| | |Noted | |with mitigants. Do not leave blank unless N/A! |
|Supply and Demand: | | | | |
|Location/Proximity to | | | | |
|Hospital & Services: | | | | |
|Site: | | | | |
|Neighborhood: | | | | |
|Zoning: | | | | |
|(if non-conforming, a variance is | | | | |
|needed) | | | | |
|Building Description: | | | | |
|Living Unit Description: | | | | |
|Unique Services: | | | | |
|Owner/Operations/Management |
|General – Strength of Project (per punchlist and Lender Narrative) |
| |Accept |Issues |N/A |Comments: If acceptable, briefly state why. If issues noted, briefly |
| | |Noted | |summarize, along with mitigants. Do not leave blank unless N/A! |
|PLI: | | | |Carrier: | |
|OHP UW concluded: PLI was analyzed by Lender; coverage| | | | | |
|meets standards & covers past & potential claims; | | | | | |
|carrier licensed correctly & rating is acceptable | | | | | |
| | | | |AM Best or Demotech Rating: | |
| | | | |Other Comments: |
|Claim History: | | | |Facility Claims per Bed: |$ |
|OHP UW analyzed: claims history for patterns or | | | | | |
|significant claims | | | | | |
| | | | |Parent Claims per Bed: |$ |
| | | | |Other Comments: |
| | | | | |
| Survey Issues: | | | | |
|OHP UW has reviewed: 3 most recent years of surveys, | | | | |
|concerns with instances of actual harm or immediate | | | | |
|jeopardy (discuss any G or higher tags), patterns of | | | | |
|repeat Findings, plans of correction, open Findings, | | | | |
|close-out letters | | | | |
|Owner/Operations/Management - (per punchlist and Lender Narrative) |
|Experience Strength of Principals |
|[OHP UW has concluded: APPS/2530’s cleared; 3+ years of acceptable experience developing, marketing, & operating senior/healthcare facilities] |
| |Accept |Issues |N/A |Comments: If acceptable, briefly state why. If issues noted, briefly summarize, along |
| | |Noted | |with mitigants. Do not leave blank unless N/A! |
| | | | |[Include name of key principal(s) for each entity] |
|Mortgagor: | | | | |
|Principals: | | | | |
|Operator: | | | | |
|Principals: | | | | |
|Parent of Operator: | | | | |
|Principals: | | | | |
|Management Agent: | | | | |
|Principals: | | | | |
|Administrator: | | | | |
|Owner/Operations/Management - (per punchlist and Lender Narrative) |
|Credit Worthiness |
| |Accept |Issues |N/A |Comments: If acceptable, briefly state why. If issues noted, briefly|
| | |Noted | |summarize, along with mitigants. Do not leave blank unless N/A! |
|Mortgagor: | | | | |
|OHP UW has concluded: credit report is acceptable; no | | | | |
|delinquent federal debt, judgments, legal actions, liens;| | | | |
|no AP over 90 days; no AR over 120 days, unless noted | | | | |
|Operator: | | | | |
|OHP UW has concluded: acceptable credit report; no | | | | |
|delinquent federal debt, judgments, legal actions, liens;| | | | |
|no neg. or declining cash flow; no AP over 90 days; no AR| | | | |
|over 120 days, unless noted | | | | |
|Parent of Operator: | | | | |
|OHP UW has concluded: acceptable credit report; no neg. | | | | |
|or declining cash flow; no AP over 90 days, unless noted | | | | |
|Management Agent: | | | | |
|OHP UW has concluded: acceptable Management Agreement and| | | | |
|HUD forms | | | | |
|Physical Risks |
| |Yes |No |Describe: include mitigation |
|Functional Obsolescence: | | | |
|Market Obsolescence: | | | |
|Unusual Building Characteristices: | | | |
|Environmental Risks |
| |Yes |No |Describe: include mitigation |
|4128 Issues: | | | |
|Lender Identified Issues: | | | |
OHP UNDERWRITER CONCLUSIONS & RECOMMENDATIONS
The below Strengths and Risks categories should include any additional notes to further explain and/or summarize items indicated in the Loan Committee charts and check boxes above. For those items not brought out within the designated choices, please provide additional information in a succinct narrative.
|Strengths |
| |Yes |N/A |Summarize briefly: |
|High Debt Coverage: | | |DSCR: | |
|Low LTV (under 70): | | | LTV: | |
|Experienced Owner/Operator: | | | |
|Substantial Equity Contribution: | | | |
|Market: | | | |
|Additional OHP Underwriter (or Lender) identified strengths – insert more rows if necessary: |
|1. |
|2. |
|3. |
|4. |
|Risks |
| |Yes |N/A |Summarize briefly, including mitigations: |
|Delinquent debt: | | | |
|Star rating: | | | |
|3 or 4 bed wards: | | | |
|Prospective NOI: | | | |
|Market: | | | |
|Additional OHP Underwriter (or Lender) identified risks – insert more rows if necessary: |
|1. |
|2. |
|3. |
|4. |
|Technical Reviewer Comments |
|Review Type |Name of Reviewer |Comments: |
|Appraisal | N/A | | |
|Legal | | |
|Environmental (4128) | | |
|Special Conditions – insert more rows if necessary: |
|1. |
|2. |
|3. |
|4. |
➢ Results of Loan Committee Recommendations (Required to be completed by U/W after Loan Committee):
|Name (UW) | |Accept As Is | |Accept With Revisions | |Reject |
|Name (WLM) | |Accept As Is | |Accept With Revisions | |Reject |
|Renee’ Greenman | |Accept As Is | |Accept With Revisions | |Reject |
|Bill Lammers | |Accept As Is | |Accept With Revisions | |Reject |
|Mark Williams | |Accept As Is | |Accept With Revisions | |Reject |
|Michael Vaughn | |Accept As Is | |Accept With Revisions | |Reject |
➢ Additional Recommendations or Requirements noted by Loan Committee members (as applicable):
|[Include any comments, recommendations, requirements or other notes made by LC members regarding additional items that need adjustments prior to their approval |
|– or overall notes that should be kept with the file regarding LC decisions.] |
|LC Member: |Comments: |
| | |
| | |
| | |
Supporting Documents – including, but not limited to:
➢ Lender’s Underwriting Narrative
➢ Underwriter Punchlist including worksheets
➢ Pictures/Plans of the Property
➢ A location map detailing location of the sales and rent comparables
➢ If relevant, information on competing properties existing in our loan portfolio
➢ All required Waivers
➢ All required technical reviews (Field Reviewer, OHP Desk Review, and Legal Counsel)
➢ Signed HUD 4128
➢ Approved APPS/2530s
(above documents are available on SharePoint for review)
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