Permanent Loans: CDFI Bond Guarantee Program
Long-term, fixed-rate capital for a variety of community project needs.
- Multi-family Housing
- Charter School Facilities
- Health Care Facilities
- Nonprofit Facilities
- Commercial Real Estate
- Small Business Loans
- Day Care Facilities
- Loans to CDFIs
Up to $5 million; larger loan amounts may be considered.
- Minimum of 10 years – Up to 29 years
- Term cannot exceed bond maturity; estimated at December 2043
- Fixed-rate; forward rate lock available
- Amortizing Principal & Interest (P&I) Payments
- P&I Payments Paid Monthly Starting at Closing
- 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
- Up to 80% LTV
- Loan-to-value based on “as is” appraised value
Project must serve a population at or below 80% of Area Median Income.
First lien against acceptable collateral.
- 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.