Office of Residential Care Facilities (ORCF), February 27, 2014

New Intercreditor Agreement Published for Notice

After working with AR Lenders, FHA Lenders and other stakeholders for months (although it seems like years), HUD has finally “publicly” published the latest iteration of the Intercreditor Agreement. The notice period commences today and all comments must be received by March 31, 2014. While it is our understanding that a number of AR Lenders are planning to submit further comments, HUD is permitting deals with account receivable financing to close using the attached Intercreditor Agreement if all parties in the transaction are willing to accept the document as currently drafted.

A link to the notice about the Intercreditor Agreement in the Federal Register is available here.