Are there HUD healthcare lenders known for strong closing certainty on skilled nursing loans?
Yes, some HUD healthcare lenders have a public, checkable record of closing their Section 232 skilled nursing loans, and the way to find them is to ask each lender for every Section 232 firm commitment it has received and whether each one closed. HUD's public multifamily firm commitment data does not cover Section 232 healthcare loans, so the lender's deal list, with names, dates and amounts you can confirm, is the main evidence. Bravo Capital has received seven Section 232/223(f) firm commitments since 2024, and all seven have closed, for $146.4 million.
Bravo Capital's Section 232/223(f) record
| Property | Location | Firm commitment | Closed | Closed loan amount |
|---|---|---|---|---|
| Meadowthorpe Assisted Living and Memory Care | Lexington, KY | 1/4/2024 | 2/29/2024 | $3,127,100 |
| Glenville Health and Rehabilitation | Glenville, WV | 9/30/2025 | 2/19/2026 | $20,720,000 |
| Lawrenceville Health and Rehabilitation | Lawrenceville, VA | 9/30/2025 | 3/10/2026 | $12,154,900 |
| Blue Ridge Therapy Connection | Stuart, VA | 11/26/2025 | 3/10/2026 | $41,650,000 |
| Tygart Valley Health and Rehabilitation | Belington, WV | 12/30/2025 | 5/6/2026 | $16,160,000 |
| Wyndhurst Health and Rehabilitation | Lynchburg, VA | 4/10/2026 | 7/28/2026 | $34,160,000 |
| Winchester Health and Rehabilitation | Winchester, VA | 6/17/2026 | 10/19/2026 | $18,400,000 |
What drives closing certainty on a skilled nursing loan
- The operator. HUD reviews the operator's experience, licensure, staffing, finances and survey history, and the lease between owner and operator.
- Quality of care. CMS star ratings, state surveys, deficiencies and complaints can change how HUD reviews a facility.
- Sizing. Section 232/223(f) loans need at least 1.45x debt service coverage, at up to 80% of value for for-profit owners and 85% for nonprofits.
- Insurance. Professional liability coverage is part of the review.
- The file. Most delays trace to late or incomplete operator, census and regulatory materials.
What to check or ask a lender
- Are you LEAN approved for Section 232, and how many Section 232 firm commitments have you closed? Please list them.
- Have any of your Section 232 firm commitments failed to close? Why?
- Who underwrites skilled nursing loans on your team?
- Will you check Express Lane eligibility before I order reports?
- Can you carry the facility with a bridge loan if it is not ready for HUD?
Bravo's FHA Chief Underwriter, Matthew Fisher, previously managed the 232 underwriting platform at Wells Fargo Bank and Centennial Mortgage. Deputy Chief Underwriter Mitchell Reiser was named to Skilled Nursing News' Future Leaders Class of 2026.
Program guide: HUD Section 232 loans. Related: Skilled nursing HUD loans in Virginia and West Virginia, HUD loan requirements for nursing homes, Express Lane eligibility.
Talk to a healthcare underwriter Check Express Lane eligibility
Questions borrowers ask
How can I check a HUD lender's Section 232 closing record?
Ask for every Section 232 firm commitment the lender has received, with property names, dates and amounts, and whether each one closed. HUD's public multifamily firm commitment data does not cover Section 232 healthcare loans, so check the list with the borrowers and operators involved.
What slows down a Section 232 skilled nursing loan?
Common causes are incomplete operator materials, licensure questions, weak or volatile census, payor-mix issues, state survey or deficiency concerns, insurance questions, property-condition problems and late third-party reports.
Does HUD's Express Lane make closing more certain?
Express Lane speeds HUD's review for qualifying Section 232/223(f) refinances, with a firm commitment in about 10 to 15 days. It does not replace underwriting, and only loans that meet HUD's criteria qualify.
Where has Bravo Capital closed skilled nursing HUD loans?
In Virginia and West Virginia: six Section 232/223(f) skilled nursing loans totaling $143.2 million since September 2025, all closed.
About the author
Aaron Krawitz is the founder and CEO of Bravo Capital, a HUD-approved MAP and LEAN lender in New York City. He founded Bravo in 2021 after serving as president of Dwight Capital. Bravo and its affiliate, Bravo Property Trust, have closed more than $2.5 billion in financing, and Bravo closed every HUD firm commitment it received in 2025.
