Uses | To build or significantly rehabilitate/renovate apartment, condominium, single-family, commercial, and mixed-use developments | |
Loan amount | Up to $10,000,000 | |
Loan term | Generally up to 36 months | |
Interest rate | From 6.00%, dependent on loan amount and term, complexity of the repayment sources and permanent financing conditions | |
Collateral/security | First position liens on the property and project under construction Up to 95% LTV/LTC | |
Repayment source | Permanent financing or proceeds from home/property sales, 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 assessments, market study, construction plan and contract review |