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.
