Capital markets

Acquisition financing

Buying an operating property means financing two things at once: the real estate and, in licensed care, the business inside it. We help buyers line up a lender whose credit box fits the asset before the contract clock starts running.

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Brokered by eXp Commercial, LLC · CCGX arranges and advises on financing; loans are provided by third-party lenders · Subject to lender approval · Not a commitment to lend

What it is

Debt for buying a stabilized or near-stabilized property, including going-concern healthcare assets.

Acquisition financing is the debt a buyer uses to close a purchase. For most commercial real estate that is a loan against the property and its income. For assisted living, memory care and behavioral health, the purchase usually includes an operating business and a license, which changes who will lend and how they underwrite.

CCGX prepares the request, matches it to lenders that actually close this kind of deal, and coordinates the process to closing. The loan itself is made by the lender, under its own terms and approval.

When it fits

Signs this is the right tool.

  • You are under contract, or about to be, on a property with operating history.
  • The asset is stable enough for a lender to underwrite trailing results rather than a plan.
  • You need the financing timeline to fit inside a due diligence and closing window.
  • You are buying replacement property in a 1031 exchange and the debt has to fund inside the exchange deadlines.

Typical structure

How it is usually put together.

Described in general terms. Actual structure, pricing, leverage and terms are set by each lender or capital partner for each transaction.

Senior loan
A first-position loan from a bank, credit union, agency, life company or government-backed program, sized to the property's income and value.
Sponsor equity
The buyer's cash. How much a lender requires depends on the asset, the program and the sponsor, so we size it with the lender rather than assume it.
Seller financing, where negotiated
A seller carry-back note can close a gap between senior debt and equity. It has to be acceptable to the senior lender, so it is negotiated with them in view.
Real estate and business allocation
In licensed care the price is split between real estate, the operating business and furniture, fixtures and equipment. The split affects the loan product, the appraisal and the tax treatment.

Underwriting

What lenders look for in healthcare real estate.

Senior housing and behavioral health carry licensing and operating risk that a lender reads alongside the real estate.

Operating history
Trailing twelve and trailing three month statements, reconstructed with defensible add-backs. Lenders read the trend, not a single month.
Census and payor mix
Occupancy stability and how revenue splits between private pay, Medicaid waiver and other sources.
License transfer
A change of ownership in licensed care runs through the state. Lenders want to see the licensing path and timeline before they close.
Operator experience
In licensed care the operator is part of the credit. Lenders read the buyer's or manager's track record closely.
Survey and compliance history
Inspection and deficiency records are an underwriting input in this asset class, not paperwork.

Process

How we work it.

  1. 01

    Qualify the deal

    We look at the asset, the price and what you bring, and tell you early whether it is financeable and roughly where.

  2. 02

    Build the package

    Operating statements, census, license and survey history, sponsor background, and sources and uses, assembled once and sent the same way to every lender.

  3. 03

    Match lenders

    We narrow the field by geography, property type, loan size, recourse posture and timeline before a single call is made.

  4. 04

    Compare terms

    Term sheets laid side by side on proceeds, cost, recourse, reserves and prepayment. The lowest coupon is not always the best deal.

  5. 05

    Close

    Condition tracking, third-party reports, appraisal, title and licensing items on one calendar through funding.

Next step

Request a capital review.

Tell us about the property and what the capital is for. A CCGX advisor will review it confidentially and tell you what looks financeable and roughly where.

Request financingSize a loan

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