Critical repairs, which must be minor in
nature, to be completed prior to closing.
Non-critical repairs, which must be minor in
nature, to be completed within 12 months of
Audited project financial statements must be
filed annually with Centennial.
Full escrows for property taxes, all applicable
insurance and any special assessments are
funded at closing and must be maintained. A Replacement Reserve account must be
established at closing and is made available
for replacement of depreciable capital items. If the loan includes repairs or capital
improvements to be completed after closing,
an additional 10% repair escrow must be
funded at closing.
This is a non-recourse loan.
Extended loan term may be allowed up to an
additional 12 years past original maturity
Low, fixed interest rates, fully amortizing.
Most affirmative and negative loan
covenants typically found in conventional
loan agreements are eliminated.
Fully assumable, subject to CMI and HUD’s
Debt service coverage ratio of 1.11.
No appraisal, market study or environmental
reports typically required and minimal documentation is required.
Click here to download a PDF of this program.