Uses | To purchase land and/or operating properties planned for future residential and commercial development, preservation of affordability, or other redevelopment/reuse activities | |
Loan amount | Up to $10,000,000 | |
Loan term |
Up to 36 months for land/vacant building acquisition Up to 60 months for operating property acquisition |
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Interest rate |
From 5.00%, dependent on lien position, loan term, and duration and complexity of the process to move the project to construction or other start point Payments are generally interest-only |
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Collateral/security |
First or subordinate mortgage/deed of trust on the property being acquired
Maximum 85% LTV for unimproved land and vacant buildings Maximum 95% LTV for operating properties |
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Repayment source | Construction or permanent financing, depending on project type and timeline | |
Fees |
Application Fee - $1,000 Origination Fee - 1.00% to 1.50% of loan amount |
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Third-party reports | Appraisal, Phase I/II environmental, market study, capital needs assessment for operating property |