HUD's Express Lane is a fast track for low-risk Section 232/223(f) healthcare refinances that HUD says can reach a firm commitment in about 10 to 15 days, against a typical 150 days in the standard queue. A deal can qualify if the loan is at 70% loan-to-value or less and no more than $50 million ($70 million in the greater New York City area), the operator has run the facility for at least two years, the facility meets HUD's coverage and quality-of-care standards, and the application is complete.
The Express Lane checklist
| Test | To qualify | Notes |
|---|---|---|
| Program | Section 232/223(f) refinance | Skilled nursing, assisted living and board-and-care facilities |
| Loan-to-value | 70% or less | Well under the 80% (85% nonprofit) 232/223(f) maximum |
| Loan size | Up to $50 million | Up to $70 million in the greater New York City area |
| Operator tenure | At least two years running the facility | |
| Coverage and quality of care | Meets HUD's minimum standards | Minimum coverage and quality-of-care standards set in HUD's Express Lane criteria |
| Application | Complete and ready to underwrite | Missing items send the deal to the standard queue |
Express Lane vs the standard queue
| Express Lane | Standard 232/223(f) | |
|---|---|---|
| Application to firm commitment | About 10 to 15 days | Typically about 150 days |
| Loan-to-value | 70% or less | Up to 80% for-profit, 85% nonprofit |
| Loan terms after commitment | Same 232/223(f) loan: up to 35 years, fixed, non-recourse | Same |
| Mortgage insurance premium | 1% at closing, then 0.65% a year | Same |
Express Lane speeds up HUD's review to firm commitment; closing then follows the usual HUD steps. See the HUD Timeline Tracker for typical timing by stage.
Who it fits
- Owners of stabilized facilities with modest leverage who want HUD's fixed-rate, non-recourse terms without the long queue
- Established operators with at least two years at the facility and solid survey history
- Refinances of up to $50 million, or $70 million in the New York City area
Check a deal in minutes
Bravo's free Express Lane Qualifier takes basic property and loan figures and gives an immediate read on whether a refinance fits the Express Lane profile. Where a deal falls just outside, it names the gap. It is an indicative screening tool; HUD makes the final call. For the policy background, read Bravo's Express Lane white paper.
Bravo in Section 232
Bravo Capital is a HUD LEAN-approved lender. It has received seven Section 232/223(f) firm commitments since January 2024 totaling $146.4 million, and all seven have closed, six of them skilled nursing facilities in Virginia and West Virginia.
Run the Express Lane Qualifier Talk to an underwriter
Questions borrowers ask
Does my 232 deal qualify for HUD's Express Lane?
It may if it is a Section 232/223(f) refinance at 70% loan-to-value or less, the loan is no more than $50 million ($70 million in the greater New York City area), the operator has run the facility for at least two years, the facility meets HUD's coverage and quality-of-care standards, and the application is complete. Every applicable criterion must be met.
How fast is HUD's Express Lane?
HUD said qualifying Section 232/223(f) refinance applications move from application to firm commitment in about 10 to 15 days, against a typical 150 days in the standard queue.
What happens if my deal does not qualify for Express Lane?
It is routed to HUD's standard Section 232 queue and can still be financed with a 232/223(f) loan on the normal timeline.
When did HUD start Express Lane?
HUD announced Express Lane for Section 232/223(f) refinances in July 2025.
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.
