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Loan Programs
Housing
Short-term loans for affordable housing projects including: single
family (both rental and ownership), multifamily, special needs
and transitional.
Community Facilities
Short-term loans for facilities benefiting low income or underserved
communities. Examples include (but are not limited to): nonprofit
offices, community centers, childcare facilities, shelters,
medical and/or dental clinics, adult day health care facilities.
Economic
Development
Short-term loans for projects in low-income or underserved
communities, which will contribute to community revitalization
and create
or retain jobs.
Loan Products
| - Land Acquisition |
- Predevelopment |
- Site Development |
| - Construction |
- Acquisition/Rehabilitation |
- Mini-permanent |
| - Refinance |
- Line of Credit |
- Working Capital |
Terms and Conditions:
Amount
$25,000 to $1,500,000
Term
Up to five years for term loans and 12 months (renewable) for
lines of credit
Interest Rate (all states except Arizona)
Priced according to cost of funds and loan risk. Generally, the rate will be:
| - Housing: 6.5 to 9.0% |
- Line of Credit: 7.0 to 10.0% |
| - Community Facilities: 7.0 to 9.0% |
- Working Capital: 7.0 to 10.0% |
| - Economic Development: 7.0 to 10.0% |
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Loan Fees (all states except Arizona)
Commitment Fee: 1% and Closing Fee: 1% (Minimum $500)
Collateral
- Real estate, when possible
- Subordination to conventional
lenders considered
- Will consider alternatives to real estate
| - Assignment of leasehold interest |
- Certificate of Deposit |
| - Irrevocable letter of credit |
- Loan Guarantee |
| - Income Stream |
- Assignment of Revenue |
| - Suggest something for us to consider |
Loan-to-Value
Up to 90%
Debt Service Coverage Ratio
1.05 or better
Borrowers
- Nonprofit agencies 501(c)(3)
- Governmental or quasi-governmental
agencies
- Mission-based for-profit developers/contractors/builders
Project
Must be located in a low-income census
tract OR serve a majority of low-income people (at or below 80 percent of area median income)
Contact us for more information.
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