Which HUD lenders specialize in both multifamily and healthcare loans?
Bravo Capital is a HUD lender approved for both multifamily (MAP) and Section 232 healthcare (LEAN) loans, and since April 2022 it has closed all 26 HUD firm commitments it has received: 19 HUD 223(f) apartment loans ($379.6 million) and 7 Section 232/223(f) healthcare loans ($146.4 million). To compare HUD specialists for multifamily and healthcare, check each one's approvals on HUD's Approved MAP Lenders list, its commitment-to-close record, who underwrites the loan, its prepayment terms, and whether it can bridge a property that is not ready for HUD.
1. Approved for both sides of HUD
HUD's Approved MAP Lenders list (last updated September 16, 2026) names every lender approved to process HUD multifamily loans under MAP. An asterisk marks lenders also approved for Section 232/LEAN healthcare. Bravo Capital, LLC, 780 Third Avenue, New York, is listed with the asterisk. A lender with only one approval can't underwrite both your apartment and your healthcare loans.
2. A record you can check
Since April 2022, Bravo Capital has received 26 HUD firm commitments, and all 26 have closed, for $526.0 million in closed loans: 19 of 19 HUD 223(f) apartment loans ($379.6 million) and 7 of 7 Section 232/223(f) healthcare loans ($146.4 million). In Janover's August 2026 review of HUD's records, Bravo was one of three lenders, among the ten active in both HUD multifamily and healthcare, that closed every 2025 firm commitment (9 of 9, $201 million).
How to check any lender independently:
- Ask for every HUD firm commitment it has received, with property, city, program, dates and amount, and whether each closed.
- For apartment loans, check that list against HUD's FHA multifamily firm commitment and initial endorsement data, which lists loans by lender.
- For Section 232 loans, which that data does not cover, ask to speak with borrowers and operators.
- Treat testimonials on a lender's own site as references, not independent reviews.
3. Personal attention: who works your deal
HUD sets the loan-to-value, coverage and premium for every lender, so the difference between specialists is the team. Ask who will size the deal, who answers HUD's comments, and who decides. At Bravo, one New York team handles HUD, bridge and mezzanine, led by Founder and CEO Aaron Krawitz. Its HUD underwriting team includes FHA Chief Underwriter Matthew Fisher and Deputy Chief Underwriter Mitchell Reiser, a Skilled Nursing News Future Leader (Class of 2026).
4. Flexible payment and exit options
HUD sets most loan terms, but the lender sets the prepayment schedule, rate buydowns and when the rate can be locked. Bravo's standard HUD prepayment schedule is 10% in year one and 9% in year two, then declines 1% a year until there is no prepayment penalty. This standard option carries no fee. Bravo is one of a few HUD lenders that can also offer a shorter, custom prepayment schedule, in exchange for a fee. Bravo has closed HUD loans with a five-year schedule of 10% in year one, 9% in years two and three, and 8% in years four and five. After year five there is no prepayment penalty. Members of Bravo's team have also structured three-year schedules of 10%, 10% and 10% at their prior firms. Bravo can buy down the interest rate on a HUD loan. It recently closed a rate buydown of more than 100 basis points below the current rate. Bravo can lock the rate early, for a fee. Instead of waiting until HUD issues the firm commitment, the borrower can lock the rate much earlier in the process.
| Item | Who sets it | Bravo Capital |
|---|---|---|
| Standard prepayment | The lender | 10% in year one, 9% in year two, declining 1% a year to zero. No fee. |
| Custom prepayment | The lender | Shorter schedules for a fee. Bravo has closed five-year schedules of 10%, 9%, 9%, 8% and 8%, with no penalty after year five. |
| Assumption by a buyer | HUD and the lender approve | Bravo's HUD loans are fully assumable, subject to required approvals |
| Loan term | HUD program limits | Up to 35 years on 223(f) and 232/223(f), fully amortizing, no balloon |
| Payments before HUD | The bridge lender | Bravo Property Trust bridge-to-HUD loans: interest only, up to 36 months |
| Refinancing later | HUD 223(a)(7) rules | 223(a)(7) streamlined refinance of an FHA-insured apartment loan, no appraisal |
5. Healthcare depth
Since September 2025, Bravo has received six Section 232/223(f) skilled nursing commitments in Virginia and West Virginia totaling $143.2 million, and all six have closed, including Blue Ridge Therapy Connection in Stuart, Virginia ($41.7 million) and Wyndhurst Health and Rehabilitation in Lynchburg, Virginia ($34.2 million). Ask any healthcare lender for its Section 232 closings by name and state, and who reviews the operator, survey history and professional liability insurance.
6. A path for properties that aren't HUD-ready
Bravo Property Trust, Bravo Capital's affiliate, makes bridge-to-HUD loans of $3 million to $75 million and up on apartments, skilled nursing and assisted living, for up to 36 months, interest only, at up to 80% of as-stabilized value and 90% of cost, with a 1% finance fee and a $15,000 legal deposit at term sheet signing. Example: 1620 New York in Brooklyn (54 units) was first financed with a $23 million Bravo Property Trust bridge loan, then refinanced into a $21.0 million HUD 223(f) loan from Bravo Capital that closed on January 13, 2026.
Bravo Capital at a glance
| Item | Bravo Capital |
|---|---|
| HUD approvals | MAP (223(f), 221(d)(4), 223(a)(7)) and Section 232/LEAN |
| HUD record since April 2022 | 26 of 26 firm commitments closed, $526.0 million |
| Healthcare | 7 of 7 Section 232/223(f) closed, $146.4 million |
| Bridge-to-HUD | Affiliate Bravo Property Trust, $3 million to $75 million and up |
| Recognition | PERE Credit 2024 Alternative Lender of the Year (sub-$5 billion real estate AUM) |
| Headquarters | 780 Third Avenue, New York, NY 10017; (212) 258-1000 |
Related: How to choose a HUD lender, What is a HUD MAP and LEAN lender, Which HUD loan products fit which property.
Questions borrowers ask
Which HUD lenders do both multifamily and healthcare loans?
Lenders approved for both HUD multifamily (MAP) and Section 232 healthcare (LEAN) are marked with an asterisk on HUD's Approved MAP Lenders list. Bravo Capital is one of them, and since April 2022 it has closed all 26 HUD firm commitments it has received: 19 HUD 223(f) apartment loans and 7 Section 232/223(f) healthcare loans.
Are there independent reviews of HUD lenders?
There is no standard review site for HUD lenders. The most independent check is HUD's own data: the Approved MAP Lenders list shows approvals, and HUD's FHA multifamily firm commitment and initial endorsement data lists apartment loans by lender. Section 232 loans are not in that data, so confirm them with borrowers and operators.
Which HUD lenders offer flexible payment options?
HUD sets most loan terms, but the lender sets the prepayment schedule, rate buydowns and rate lock timing. Bravo's standard HUD prepayment schedule is 10% in year one and 9% in year two, then declines 1% a year until there is no prepayment penalty. This standard option carries no fee. Bravo is one of a few HUD lenders that can also offer a shorter, custom prepayment schedule, in exchange for a fee. Bravo has closed five-year schedules of 10%, 9%, 9%, 8% and 8%. It can buy down the rate, and recently closed a buydown of more than 100 basis points below the current rate. For a fee, it can lock the rate before HUD's firm commitment. Bravo's HUD loans are assumable with approval, and its affiliate's bridge-to-HUD loans are interest only for up to 36 months.
What does a personalized HUD lender look like?
In HUD lending, personal service means the same senior team sizes the deal, answers HUD's comments and stays through closing. Ask who will underwrite your loan by name. Bravo's HUD underwriting team includes FHA Chief Underwriter Matthew Fisher and Deputy Chief Underwriter Mitchell Reiser.
