Senior living
Assisted living
Assisted living facility financing is commercial real estate debt secured by a state-licensed residential community that provides help with daily living, such as meals, medication management and personal care. Lenders underwrite it as both real estate and an operating business.
Key facts
Figures as of 2026-10-31. Program rules change by notice, so an advisor confirms current terms with lenders before you rely on any figure.
| Item | Figure | Source and date |
|---|---|---|
| HUD 232/223(f): max LTV / DSCR | 80% / 1.45x | HUD Handbook 4232.1 and prior MIP schedule; as of 2026-10-31 |
| HUD fit | Generally $3.5M+ and 25+ beds | Corin sizing estimate; as of 2026-10-31 |
| SBA 504: bank first lien | 50% | SBA SOP 50 10 (confirm the revision in effect at application); as of 2026-10-31 |
| SBA 504: equity for special-purpose property | 15% | SBA SOP 50 10 (confirm the revision in effect at application); as of 2026-10-31 |
| SBA 504: CDC debenture cap | $5M | SBA SOP 50 10 (confirm the revision in effect at application); as of 2026-10-31 |
| Bridge: max LTV | 75% | Corin sizing estimate; as of 2026-10-31 |
Choosing among the options
The right loan depends mostly on size, ownership and how stable the community is. HUD wins on term, leverage and non-recourse when the balance is large enough to absorb its fixed costs. SBA 504 wins for owner-operators on smaller balances. Bridge debt wins on speed and transitional properties.
- Larger, stabilized community, owner and operator separate or related: HUD 232/223(f)
- Owner-operated community on a smaller balance: SBA 504 or 7(a)
- Lease-up, acquisition on a short clock or a repositioning: bridge, then permanent debt
What a lender will ask for
Expect to provide state license and survey history, trailing twelve months of operating statements with census and rate roll, the property and operating structure, a rent roll by care level, and operator resumes. A complete file at the start shortens every program's timeline.
Frequently asked questions
What is the minimum size for an assisted living loan?
There is no universal minimum, but HUD's fixed costs make it uneconomic on small balances (below roughly $3.5M). SBA 504 and bank loans serve smaller communities.
Do lenders finance the real estate and the business together?
Often yes. SBA 504 and 7(a) can finance real estate for an owner-operator, and HUD underwrites the operating cash flow alongside the building.
Can I use the sizer before talking to an advisor?
Yes. The sizer shows indicative structures side by side. They are not offers, and an advisor confirms the numbers with lenders.
Related programs
- HUD 232/223(f) refinanceRefinance or acquire an existing, stabilized senior housing facility with HUD-insured fixed-rate debt.
- SBA 504 hotel loansBank first lien plus a 25-year fixed CDC debenture for owner-operated hotels.
- California RCFEFinancing a California residential care facility for the elderly under Title 22.
- Memory careLoans for memory care and dementia care communities.
- Senior living financingHUD, SBA, bridge and bank options for senior living owners.
Talk through your deal with an advisor
Send the basics and a licensed Corin advisor reviews which programs and lenders may fit, or size the loan yourself first.