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InnoVative Capital Closes $41 Million FHA 242 Refinancing, Cutting Morehead Memorial Hospital's Loan Rate by 21% and Reducing Debt Service by $5 Million
Date:12/21/2012

SPRINGFIELD, PA (PRWEB) December 21, 2012

In mid 2012, InnoVative Capital was retained by MMH to determine the practicality of developing a cash flow improvement and balance sheet enhancement plan achievable through the refinancing or restructuring of its Series 2005 tax-exempt bonds. Upon the completion of its review of the hospital’s bond documents, reserve fund balances and market pricing of its guaranteed investment contracts, InnoVative Capital presented an FHA mortgage insured debt refinancing proposal to MMH, which projected upwards of $4 million in interest savings to be realized with a taxable Ginnie Mae loan refinancing of its tax-exempt bonds. “The unprecedented drop in GNMA rates as a result of the Fed’s program of monthly purchases of mortgages, would allow InnoVative Capital to refinance MMH’s tax-exempt bonds from the lowest interest rate funding source at the time, which is the placement of a taxable GNMA collateralized FHA insured mortgage loan,” said Alan P. Richman, InnoVative Capital’s President and CEO.

As MMH’s FHA mortgage banker, InnoVative Capital applied for FHA Section 223 a-7 mortgage insurance, a streamlined debt refinancing program infrequently used for hospitals. “Due to the uncertainty of interest rates, time was of the essence and we relied on HUD meeting its stated goal to deliver a credit decision (commitment) within 30 days. We were grateful for the efforts of HUD’s Office of Hospital Facilities in delivering its commitment as scheduled and facilitating a loan closing less than one month later,” said Mr. Richman.

“I cannot overemphasize the profound impact this refinancing will deliver to Morehead’s bottom-line and its ability to reinvest in our hospital and its personnel. An opportunity like this is rare for a community hospital,” said W. Carl Martin, CEO of Morehead Memorial Hospital. “To lower our interest rate by almost one-percent, improve our twelve-month cash flow
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