Answer first
In brief
HUD insures 4,042 active Section 232 healthcare loans with $41.8 billion of principal balance, according to its October 2026 active mortgage file. Nursing homes and skilled nursing facilities account for 71.4% of them, and the balance-weighted note rate is 4.35%.
Key figures
Facility types and programs
| Facility type | Loans | Share |
|---|---|---|
| Skilled nursing (nursing home) | 2,885 | 71.4% |
| Assisted living | 982 | 24.3% |
| Board and care | 175 | 4.3% |
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| Section 232/223(f) healthcare purchase or refinance | 3,019 | 74.7% | $34.2B |
| Section 232/223(a)(7) healthcare refinance | 819 | 20.3% | $5.8B |
| Section 232 new construction or substantial rehab | 108 | 2.7% | $1.4B |
| Section 241(a)/232 supplemental loans | 70 | 1.7% | $461.8M |
| Section 223(d)/232 operating loss loans | 26 | 0.6% | $17.3M |
Rates
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 1,069 | 26.4% | $9.6B |
| 3.00% to 3.99% | 1,418 | 35.1% | $11.7B |
| 4.00% to 4.99% | 425 | 10.5% | $3.0B |
| 5.00% to 5.99% | 752 | 18.6% | $11.6B |
| 6.00% and above | 378 | 9.4% | $6.0B |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 126 | 4.18% |
| 2010 to 2014 | 1,075 | 3.31% |
| 2015 to 2019 | 999 | 3.43% |
| 2020 to 2022 | 757 | 3.00% |
| 2023 to 2026 | 1,085 | 5.87% |
Largest states
| State | Loans | Balance | Weighted rate |
|---|---|---|---|
| Ohio | 348 | $2.9B | 4.21% |
| Illinois | 314 | $3.0B | 3.91% |
| California | 294 | $3.0B | 4.08% |
| New York | 227 | $4.9B | 4.26% |
| Florida | 218 | $2.7B | 4.99% |
| Texas | 199 | $1.7B | 4.31% |
| Michigan | 152 | $1.3B | 4.56% |
| Indiana | 151 | $1.3B | 4.04% |
| Pennsylvania | 138 | $1.8B | 4.41% |
| New Jersey | 134 | $2.4B | 4.32% |
| Wisconsin | 130 | $844.7M | 4.66% |
| North Carolina | 122 | $853.4M | 4.49% |
| Massachusetts | 112 | $1.0B | 4.01% |
| Washington | 96 | $655.6M | 4.19% |
| Minnesota | 94 | $881.3M | 3.78% |
Holders of record
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 696 | 17.2% | $5.4B |
| Capital Funding LLC | 512 | 12.7% | $4.1B |
| Greystone Funding Company LLC | 413 | 10.2% | $6.3B |
| NewPoint Real Estate Capital LLC | 296 | 7.3% | $3.9B |
| Walker & Dunlop LLC | 251 | 6.2% | $2.1B |
| Berkadia Commercial Mortgage LLC | 250 | 6.2% | $2.2B |
| KeyBank National Association | 247 | 6.1% | $3.5B |
| Dwight Capital LLC | 219 | 5.4% | $2.6B |
| Vium Capital Mortgage LLC | 179 | 4.4% | $2.4B |
| Cambridge Realty Capital IL | 159 | 3.9% | $1.2B |
Bravo Capital Section 232 closings
Bravo Capital’s 7 Section 232/223(f) firm commitments since April 2022 have all closed, totaling $146.4 million, in Kentucky, Virginia and West Virginia. See Bravo’s Section 232 loan page, the Virginia and West Virginia skilled nursing page and the healthcare bridge-to-HUD guide.
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026). Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
How many HUD Section 232 loans are there?
HUD’s October 2026 active mortgage file lists 4,042 active Section 232 healthcare loans with $41.8 billion of principal balance.
What facilities do Section 232 loans finance?
Skilled nursing (nursing home): 2,885 loans; Assisted living: 982 loans; Board and care: 175 loans, per HUD’s section of the act codes.
Which states have the most Section 232 loans?
Ohio (348), Illinois (314), California (294), New York (227), Florida (218).
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.