A recent Senior Housing News article cited Summit as playing a critical role in addresses a backlog of applications for U.S. Department of Housing and Urban Development (HUD) firm commitments to insure loans under the Section 232 program. Under this program, the Federal Housing Administration (FHA) insures loans for senior-housing projects, including skilled-nursing and assisted-living facilities.
Summit is providing HUD with due-diligence services, reviewing the underwriting work of FHA lenders, and presenting results to HUD's Loan Committee for streamlined review. The program started with a 30-day approval time, which grew to nearly a year by early this summer due to growing market interest in the program.
However, Matt Kass, Senior Vice President at Lancaster Pollard, noted that after HUD contracted with Summit in July of this year, there was an immediate bump in the queue, saying he has a "very good feeling and a sense that the queue will continue to go down." Click here to read the entire article.