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Starting a Board and Care - LoanUniverse Community

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Starting a Board and Care


4 replies to this topic

#1 mdepedro

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Posted 19 August 2005 - 10:49 AM

Can someone please give me an idea how I can obtain a loan to purchase an existing house and convert it into a Board and Care facility? The house is probably in the neighborhood of $250k (in Houston, TX). Upgrades and conversion would probably cost about $100k. Some startup operating costs will also be involved. Your input will be much appreciated. Thanks.

#2 firstfinancial

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Posted 19 August 2005 - 06:35 PM

QUOTE(mdepedro @ Aug 19 2005, 09:49 AM)
Can someone please give me an idea how I can obtain a loan to purchase an existing house and convert it into a Board and Care facility?  The house is probably in the neighborhood of $250k (in Houston, TX).  Upgrades and conversion would probably cost about $100k.  Some startup operating costs will also be involved.  Your input will be much appreciated.  Thanks.

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Hi, as far as a loan to include the purchase of the house + the money to convert it to a board and care facility... the facility must accommodate 20 or more residents who require skilled nursing care and related medical services, or those who while not in need of nursing home care, are in need of minimum but continuous care provided by licensed or trained personnel. ...it just depends how big and how many patients you will care for...you can find more info at http://www.hud.gov/offices/hsg/mfh/progdes...singalcp232.cfm
or you can email me with other questions. i own a mortgage company in houston, tx. thanks, hope this helps.

#3 mdepedro

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Posted 20 August 2005 - 07:08 PM

QUOTE(firstfinancial @ Aug 19 2005, 05:35 PM)
Hi, as far as a loan to include the purchase of the house + the money to convert it to a board and care facility... the facility must accommodate 20 or more residents who require skilled nursing care and related medical services, or those who while not in need of nursing home care, are in need of minimum but continuous care provided by licensed or trained personnel. ...it just depends how big and how many patients you will care for...you can find more info at http://www.hud.gov/offices/hsg/mfh/progdes...singalcp232.cfm
or you can email me with other questions. i own a mortgage company in houston, tx. thanks, hope this helps.

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I was talking along the lines of 6-8 patients. I'm not planning on opening a Skilled Nursing Care. Just an Assisted Living Facility. A 6-bedroom home is sufficient. I already have some prospective patients. These are mostly senior citizens. They are mostly private patients (as opposed to medicaire). Again, my question is, how do I get a loan for this? Thanks.

#4 loanuniverse

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Posted 21 August 2005 - 04:52 PM

Startup financing and an industry that can cause a lot of problems if the lender needed to foreclose are two big red flags.

I would talk to the local SCORE chapter for more detailed guidance.


Good luck

#5 fito41

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Posted 26 August 2005 - 02:08 PM

i have a lender that funds boarding houses, camp grounds, trailer parks.
they do out of the box financing.

Let me know if you are interested





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