Line of Credit

Line of Credit

Creative and flexible revolving funding to support your development pipeline, for predevelopment, single-family and multifamily acquisitions, and single-family construction

Case Study

Wealth Watchers | New construction line of credit

Wealth Watchers is using a $500,000 revolving line from NC to build new homes on vacant lots they own. By adding new homes to moderate income neighborhoods, Wealth Watchers is creating affordable homeownership and a sustainable line of business.

DETAILS
Single-family acq/rehab and new construction Multifamily acquisitions Predevelopment
Loan Amount Up to $3 million Maximum 85% LTV Up to $10 million Maximum 95% LTV Up to $2 million Maximum LTV 85% (if secured)
Loan Term 12 to 24 months 24 to 48 months Up to 36 months
Security Cash pledged for 50% of outstanding balance Cash pledged for 50% of outstanding balance Can be unsecured up to $500,000 Cash pledged for 50% of balance if greater
If secured by real estate · First position lien on land and improvements
· Repayment guaranty from Sponsor
· First position or junior lien on land and improvements
· Assignment of rents
· Repayment guaranty from Sponsor
· First position or junior lien on real property
Repayment source Proceeds from home sales Refinancing with permanent financing or recapitalization plan Construction financing for the project