Acquisition Loans

For land and building acquisition, predevelopment costs and critical repairs.

Project Types

  • Multifamily, rental and supportive housing
  • For sale housing, on a case-by-case basis
  • Community facilities

Eligible Borrowers

  • Nonprofit organizations
  • Limited partnerships and single asset entities with nonprofit sponsors
  • Mission aligned for profit entities

Loan Amount

$500,000 to $3,000,000

Term

Up to two years

Interest Rate

Fixed and variable interest rate options available (variable rates based on LIBOR). Please call for current interest rates. 

Fees

Up to 1.75% 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.

Collateral

  • 1st lien deed of trust on real estate
  • Other collateral as appropriate

Loan-to-Value

  • 60% for unimproved land
  • 80% for improved land 

Loan-to-value based on “as is” appraised value.

Repayment

  • Interest only, payable monthly
  • Principal due at earlier of construction financing or maturity date
  • No prepayment penalty

Recourse/Guaranties

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.

 

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