Acquisition

Acquisition Loans

To purchase land and buildings planned for future development, preservation of affordability, or other redevelopment/reuse activities, for both residential and commercial development

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
Interest rate From 6.00%, 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
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
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
Third-party reports Appraisal, Phase I/II environmental, market study, capital needs assessment for operating property