HUD / FHA Advantage
“…Having worked with Paragon since 1993, in my opinion there is no way I would use anyone else to process a HUD project.”
David Dewar
Moderne
Co-Founder/Chief Innovation Officer
Refinancing and Acquisition financing for market rate, affordable Multi-Family and Healthcare
New Construction with Permanent take out financing upon completion of construction
Non Recourse
Fully Amortized – No Balloon Payment
Fully Assumable
10 Year Step Down Prepayment Penalty
Long Term Fixed Rate
- Up to 35 Year Term and Amortization (Refinance/Acquisition)
- Up to 40 year Term and Amortization (New Construction/Substantial Rehabilitation)
Higher LTV or LTC
- 85%-90% LTV (Refi / Acquisition)
- 85%-90% LTC (New Construction/Substantial Rehab)
FINANCING OPTIONS
Section 223(f)
- Refinancing or Acquisition of existing Apartments properties of any Class
- Average Processing Time: 4-6 Months
Section 223(a)(7)
- Refinancing of existing FHA insured Multi Family Mortgages
- Average Processing Time: 4-6 Months
Section 221(d)(4)
- New Construction or Substantial Rehabilitation of apartments
- Provides fixed rate and fully amortized for 40 years that converts to permanent loan after construction is complete and includes the up to three years interest-only fixed rate during construction
- Average Processing Time: 9-12 Months
Section 232
- New Construction or Substantial Rehabilitation of Nursing Homes and Assisted Living projects
- Provides fixed rate and is fully amortized for 40 years that converts to permanent loan after construction is complete and includes the up to three years interest-only fixed rate during construction
- Average Processing Time: 9-12 Months
Section 232-223(f)
- Refinance or Acquisition of Residential care facilities including Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities
- Average Processing Time: 6-9 Months
Section 232-223(a)(7)
- Refinance of Existing FHA Insured Mortgages Residential Care Facilities including Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities
- Average Processing Time: 4-6 Months
Section 220, 241(a), 242
- Secondary Specialed Multi Family and Healthcare Mortgages
- Average Processing Time:
- 220: 9-12 Months
- 241(a): 6 Months
- 242: 9-12 Months
THE PARAGON DIFFERENCE
EXPERTISE
Paragon Mortgage Corporations is an FHA, HUD MAP and Lean approved mortgage lender solely focused on HUD-insured financing for over 34 years. We have closed in excess of $3 billion in loans ranging from $5 million to $75 million in size. We look at all projects on their merits – even very complex deals – and create a plan for a successful process with HUD.
EXPERIENCE
Our highly experienced staff of underwriters and project coordinators each have decades of experience underwriting and processing HUD loans. They understand government requirements and guidelines and are at the forefront of our industry. That expertise continues even after the loan closes with ongoing guidance and assistance with any questions – even years later. We are always happy to help.
EXECUTION
Throughout the HUD application and closing process you will be working with a team of professionals who are dedicated to your project. Detailed weekly status updates, development team coordination, and high-quality service to our clients is our hallmark. We also provide expert guidance to the team on application requirements, third party vendors, title and closing matters.
RESULTS
Our applications move more quickly through the HUD process because of our decades of experience, reputation and relationships. From the beginning of our work on a project we provide you with realistic expectations for processing and we eliminate any factor that wastes your time. Our HUD applications are consistently successful- and faster-due to our attention to detail and superior application processes. The results are that Paragon achieves one of the highest HUD firm application to approval rate within the industry.
LEADERSHIP TEAM
Jim Swanson
President
Jim Swanson is the Co-founder and President of Paragon Mortgage Corporation. Since its inception in 1987, Jim has been involved in arranging over $3 Billion Dollars in FHA–insured mortgage loans. In 1981, as Vice President of Knutson Mortgage & Financial Corporation, Mr. Swanson was responsible for opening their west coast regional office in Phoenix, Arizona. Jim was appointed to serve as member of the Commission chartered by Congress on Affordable Housing and Health Facility Needs for Seniors in the 21st Century.
Linda Wills
Senior Vice President & Chief Underwriter
Linda Wills serves as Senior Vice President and Chief Underwriter of Phoenix based Paragon Mortgage Corporation. She has worked on HUD-insured financing of senior housing, healthcare and multifamily housing projects since Paragon’s inception in 1987. Prior to joining Paragon, Ms. Wills worked on HUD-insured multifamily housing financing for Minneapolis based Knutson Mortgage & Financial Corporation and Glaser Financial Group, Inc. for approximately 10 years. Ms. Wills has held a variety of officer positions with lender associations and has spoken extensively on various lending topics.
Lilla Abegg-Swanson
Vice President
Lilla Swanson serves as the Vice President of Paragon Mortgage responsible for marketing and loan originations. Lilla brings over 30 years of professional experience to Paragon Mortgage. Her extensive background as a senior level manager in multiple Fortune 50 companies responsible for $200M+ in sales and $60M in Marketing and Promotion dollars. This combined with multiple years managing mergers and acquisitions for 13 Western States for MBCo distribution network where she utilized Discounted Cash Flow Modeling and 5-year pro formas to determine range of value and worked with buyer and seller to mutually acceptable term sheet. Lilla brings her ability to successfully problem solve complex financial transactions with client focused outcomes to Paragon in her new leadership position.
UNDERWRITING TEAM
Kimberly Taynton
Vice President and Senior MAP Underwriter
Kimberly Taynton is a MAP approved Underwriter with more than 20 years of HUD Multifamily experience. Prior to joining Paragon Mortgage Corporation in 2013, Kim was the Supervisory Project Manager for Multifamily Development at the U.S. Department of Housing and Urban Development in Phoenix (2011-2013), Housing Representative at HUD (2008-2011), and she had prior HUD loan application and underwriting experience with Paragon Mortgage from 2001 to 2006. She began her multifamily development career in 1999 working for an apartment developer, specializing in land entitlement through construction and asset management operations, using HUD-insured 221(d)(4) financing for all of the apartment projects. Kim is regularly asked to present on multifamily topics at conferences and has been a panelist or presenter on topics such as affordable housing finance, environmental due diligence, HUD loan programs, and loan closing processes.
Andrew Edelstein
MAP Underwriter
Andrew achieved his MAP Underwriter certification in 2013. Prior to joining Paragon he acted in an executing mortgage banker role, managing a high volume of new loan placements for Agency, Life Co., CMBS and Debt Fund capital executions. Over the course of Andrew’s mortgage banking career, he has underwritten, processed and closed nearly $1B in commercial real estate loans nationwide. Andrew was born and raised in Phoenix and has always had a keen interest in the smart planning and development of the City’s exponential growth. He is passionate about making connections throughout the community in order to help facilitate positive change in the neighborhoods where he lives and works.
Landon Snapp
Junior Underwriter
Prior to joining Paragon, Landon previously held positions as an Investment Analyst and CMBS Underwriter, with a career emphasis in mortgage underwriting. Landon has experience analyzing commercial real estate mortgages for various asset types in addition to underwriting loans within Freddie Mac’s Small Balance Loan (SBL) program. Landon’s experience in the Commercial Real Estate and Finance Industries began in college, working as a Multifamily Investment Broker. Landon completed the Mortgage Bankers Association’s (MBA) FHA Multifamily Underwriter Training Program in June 2021. He holds an undergraduate degree in Finance and Accounting from the University of Tennessee.
Please contact Paragon’s highly experienced team to discuss your project goals today and discover why many of our clients have continued to work with us for decades.
HUD REFINANCE LOAN PROCESS
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HUD NEW CONSTRUCTION LOAN PROCESS
Pre-Engagement | Prepare for Concept Meeting | Prepare Pre-Application | HUD Pre-App Review | Prepare Firm Application | HUD Review and Approval | Closing |
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HUD REFINANCE LOAN PROCESS
Pre-Engagement
- Sizing
- Engagement Letter
- Kick-off Call
Prepare Firm Application
- Collect Documents
- Complete Underwriting
- Sign and Complete HUD Forms
- Order PCNA and Appraisal
HUD Review and Approval
- Engage Legal Counsel for Closing
- Begin Closing Process
- Receive Firm Commitment from HUD
Closing
- Rate-lock
- Submit Closing Documentation
- Close
HUD NEW CONSTRUCTION LOAN PROCESS
Pre-Engagement
- Sizing
- Paragon Agreement
- Engagement letter
- Kick-off call
Prepare for Concept Meeting
- Perform Market Analysis
- Prepare Concept Package
- HUD Concept Meeting
Prepare Pre-Application
- Collect documents
- Order Appraisal and Phase 1
- Complete Underwriting
- Prepare Pre-Application
HUD Pre-App Review
- Finalize plans and construction budget
- Collect documents
- Receive invitation to submit Firm Application
Prepare Firm Application
- Collect documents
- Complete underwriting
- Sign and complete HUD forms
- Prepare Firm Application
HUD Review and Approval
- Engage legal counsel for Closing
- Begin Closing process
- Receive Firm Commitment from HUD
Closing
- Rate-lock
- Submit Closing documentation
- Close
Results
$45.1M FHA New Construction
The Alexander
$53.4M FHA New Construction
Eldorado Springs Apartments
$18.6M FHA New Construction
59 Evergreen Apartments
$17.1M FHA New Construction
Spring River II
$35.3M FHA New Construction
Homestead Talking Glass
$18.8M FHA Refinance
Raintree I and II
Contact
Call Us
1130 E Missouri Ave
Suite 204
Phoenix, AZ 85014