A HUD 223(f) loan typically closes in about six months from engagement: 45 to 60 days to the firm application, about 60 days of HUD review to firm commitment, and 45 to 60 days from commitment to closing. On Bravo's own HUD 223(f) and Section 232/223(f) loans, each stage averages about two months, about six months in total. Bravo Capital has closed all 26 HUD firm commitments it has received since April 2022; every deal is on the HUD Closing Scorecard.
Typical time by stage
| Stage | HUD 223(f) apartments: typical | Bravo average | Section 232/223(f) healthcare: Bravo average |
|---|---|---|---|
| Engagement to firm application | 45 to 60 days | About 2 months | About 2 months |
| Firm application to firm commitment | About 60 days | About 2 months | About 2 months |
| Firm commitment to closing | 45 to 60 days | About 2 months | About 2 months |
| Total, engagement to closing | About 6 months | About 6 months | About 6 months |
What slows a HUD loan down
- Incomplete rent rolls or operating statements
- Open repair items or escrows that must be settled before HUD endorses the loan
- Title, survey or zoning items found late
- Environmental follow-ups
- Changes to the loan structure after underwriting starts
- On Section 232 loans: operator, licensing and quality-of-care items HUD reviews alongside the real estate
Method
- Coverage. Every HUD firm commitment Bravo Capital has received, April 2022 onward. Bridge and construction loans by Bravo Property Trust are not included.
- Stages. Engagement is the signed application with Bravo; firm application is submission to HUD; firm commitment and closing (HUD endorsement) dates match the HUD Closing Scorecard.
- Updates. Quarterly.
Program guides: HUD 223(f), HUD 232/223(f), HUD loan FAQ.
Talk to an underwriter See the Closing Scorecard
Questions borrowers ask
How long does a HUD loan take to close after the firm commitment?
A HUD 223(f) loan typically closes 45 to 60 days after HUD issues the firm commitment. The full process, from engagement to closing, usually takes about six months.
How long does each stage of a HUD 223(f) loan take?
Engagement to firm application typically takes 45 to 60 days, HUD review to firm commitment about 60 days, and firm commitment to closing 45 to 60 days.
Why do some HUD loans take longer to close?
Common causes are incomplete rent rolls, environmental follow-ups, open repairs, commercial-space questions, and title or zoning issues. Section 232 healthcare loans also add HUD review of the operator, licensing and quality of care.
How long does a Section 232/223(f) healthcare refinance take?
On Bravo's Section 232/223(f) loans, each stage averages about two months, so plan on about six months from engagement to closing.
How often is the Timeline Tracker updated?
Quarterly, alongside the HUD Closing Scorecard.
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.
