National Health Investors, Inc. (NYSE:NHI) announced today it has agreed to provide funding of up to $20 million in a loan participation agreement with an affiliate of Capital Funding Group (CFG), a national leader in providing financing solutions for healthcare facilities.
“We are extremely excited about our relationship with NHI. The chance to partner with an industry leader like NHI will be mutually beneficial to both organizations for years to come.”
CFG has provided more than $1.5 billion in HUD-insured mortgages nationwide. NHI's loan participation agreement is targeted for CFG's borrowers who desire bridge-to-HUD financing. NHI, which will have the final approval on each commitment, has already funded $1 million of a total loan from CFG of $6.1 million to a third-party borrower for the purchase of a 125-bed skilled nursing facility built in 2006 in Navasota, Texas. This bridge loan is for a period of one year.
Jack Dwyer, Chairman of CFG, stated, "We are extremely excited about our relationship with NHI. The chance to partner with an industry leader like NHI will be mutually beneficial to both organizations for years to come."
Justin Hutchens, NHI President and Chief Operating Officer, noted, "This strategic partnership with CFG expands our loan sourcing capabilities with one of the most recognized and respected institutions in the industry. Their disciplined underwriting complements our conservative philosophy, and the breadth of coverage nationwide should provide a meaningful growth vehicle for our opportunistic mortgage loan program at attractive, risk-adjusted returns."
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