Permanent Loans: CDFI Bond Guarantee Program

Long-term, fixed-rate capital for a variety of community project needs.

Project Types

  • Multi-family Housing
  • Charter School Facilities
  • Health Care Facilities
  • Nonprofit Facilities
  • Commercial Real Estate
  • Small Business Loans
  • Day Care Facilities
  • Loans to CDFIs

Loan Amount

Up to $5 million; larger loan amounts may be considered.

Term

  • Minimum of 10 years – Up to 29 years
  • Term cannot exceed bond maturity; estimated at December 2043 

Interest Rate

  • Fixed-rate; forward rate lock available
  • Amortizing Principal & Interest (P&I) Payments
  • P&I Payments Paid Monthly Starting at Closing 

Fees

  • Application Fee: $2,500 non-refundable, credited toward origination fee
  • Origination Fee: 1.5% for loans of $2.5 million and greater; 2.0% for all other loans

Minimum Debt Service Coverage

  • 1.20x for charter schools, health care clinics, and nonprofit facilities
  • 1.15x for multi-family housing 

Loan-to-Value

  • Up to 80% LTV
  • Loan-to-value based on “as is” appraised value

Affordability Requirement

Project must serve a population at or below 80% of Area Median Income.

Collateral

First lien against acceptable collateral.

Repayment

  • 5 year lockout and yield maintenance thereafter
  • 15 or 20 year call options available for an additional fee

For more information, contact Noni Ramos at 415.395.0956.