For third-party due diligence, deposits for site control, permits and applications and consultant fees.
- Multifamily, rental and supportive housing
- For sale housing, on a case-by-case basis
- Community facilities
- Nonprofit organizations
- Limited partnerships and single asset entities with nonprofit sponsors
- Mission aligned for profit entities
$250,000 to $750,000
Up to two 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.
- Assignment of developer fees receivable or other current assets
- Real estate
- Other collateral as appropriate
- 70% of Earned Developer Fees
- 60% for unimproved land
- 80% for improved land
Loan-to-value based on “as is” appraised value
- Interest only, payable monthly
- Principal due at earlier of acquisition financing or maturity date
- 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