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A hallmark in the success of the FHA 232 LEAN program has long been ORCF’s ability and willingness to work collaboratively with lenders, borrowers and operators. Throughout this difficult time, ORCF continues to work tirelessly to provide solutions for borrowers and operators who may come under financial distress. As a result of these efforts, it is very important for existing and potential borrowers to understand two important resources that are now available:
- ORCF Asset Management Q&A, which provides guidance on several items for existing borrowers and operators with FHA 232 loans;
- Confirmation that ORCF will allow for existing borrowers and operators to utilize Small Business Administration (SBA) programs, such as the Paycheck Protection Program (PPP). Interested borrowers should be sure to review the guidelines posted by The Department of The Treasury.
ORCF leadership should be applauded for their continued efforts as it delivers guidance regarding the processing and underwriting of loans. Communication with your lender will play a critical role in your ability to use the above resources.