For land and building acquisition, predevelopment costs and critical repairs.
- Charter schools
- Community health facilities
- Nonprofit service or office space
- Nonprofit organizations
- Limited partnerships and single asset entities with nonprofit sponsors
- Mission aligned for profit entities
$500,000 to $3,000,000
Up to seven years; 25-year amortization
Fixed and variable interest rate options available (variable rates based on LIBOR). Check for current interest rates.
Up to 2% of loan amount; half payable at commitment, balance due at closing. Borrower is responsible for payment of legal fees and all third party costs including appraisal, Phase I, etc., if applicable.
- 1st lien deed of trust on real estate
- Other collateral as appropriate
80% Loan-to-value based on “as is” appraised value
Debt Service Coverage Ratio
Minimum 1.20x (ratio subject to potential takeout financing available)
- Interest only or amortizing payment, payable monthly
- Principal due at earlier of permanent financing or maturity date
- In some cases the loan will be structured with a principal and interest payment, payable monthly
- No prepayment penalty
Loans will have full recourse to the borrower and guaranty from project sponsor, if applicable.
For more information, contact Noni Ramos at 415.395.0956.