The HUD 221(d)(4) process is not quick. For first time borrowers, you
should expect at least six months, with up to 12 months of time available
as a contingency.
Borrowers who have been through the HUD 221(d)(4) process once before
can elect to shrink the process down from two stages to one stage, which
can reduce processing time considerably. The “downside” of the one stage
process, is that architectural plans and specifications must be complete,
along with all third parties prior to submission, which is a considerable
expenditure.
The one step process is best for clients who are doing phased developments
or replicating the plans and specs from a prior transaction.