For the acquisition of operating buildings, predevelopment costs and critical repairs.
Multifamily, rental and supportive housing
- Nonprofit organizations
- Limited partnerships and single asset entities with nonprofit sponsors
- Mission aligned for profit entities
$500,000 to $4,000,000
Up to five years
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% for unimproved land
- Loan-to-value based on “as is” appraised value
Debt Service Coverage Ratio
Minimum 1.15x (ratio subject to potential takeout financing available)
- Interest only, payable monthly
- Principal due at earlier of construction 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.