For third-party due diligence, deposits for site control, permits and applications and consultant fees.

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

$250,000 to $750,000

Term

Up to two years

Interest Rate

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

Fees

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.

Collateral

• Assignment of developer fees receivable or other current assets
• Real estate
• Other collateral as appropriate

Loan-to-Value

• 70% of Earned Developer Fees
• 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 acquisition 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