Senior housing funding requests rose to $379.2 million in June according to Cambridge Realty Capital Companies.
It’s an increase from the previous month and up from 19 requests totaling $243.1 million in June 2010.
“This marked the second consecutive month in which request activity has been arching sharply higher. In May, the 35 separate loan requests processed by the company was the highest monthly total since 2003,” said Jeffrey Davis, chairman of Cambridge.
Davis points out that lenders close a relatively small percentage of loan requests received, but the company routinely tracks the information as an indication of market directions.
“Thanks to exceptional, back-to-back monthly gains, year-to-date totals have already moved slightly ahead of last year,” he said.
Over the past six months Cambridge has processed 137 loan origination requests totaling $2.12 billion. Last year at this time there were 132 requests totaling $1.7 billion.
“Demand for popular HUD Lean financing remains exceptionally strong. HUD’s Office of Healthcare Programs (OHP) has been making excellent progress in working through the backlog of orders currently in the system,” he said.
Earlier this month, HUD awarded a contract to Summit Consulting to help clear out the backlog of HUD 232 applications.