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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

Multifamily Single Family
Uses To acquire and hold properties for short periods (less than 36 months) before stabilizing and refinance/recapitalization To build new, or acquire and rehabilitate existing homes
Loan amount Up to $10,000,000 Up to $5,000,000 for single-family construction
Loan term 36 to 60 months, 24-month draw period Up to 24 months
Interest rate From 5.50%, dependent on lien position, loan term, and complexity of the process to move projects to construction or other refinancing opportunities From 5.50%, dependent on lien position, loan term, and complexity of the process to move projects to construction and sale
Collateral/security First or subordinate lien on the property being acquired
Maximum 85% LTV for vacant properties
Maximum 95% LTV for operating properties (with structured principal payments after 36 months)
First lien on the property being built or rehabilitated
Maximum 85% LTV
Repayment source Construction or permanent financing depending on project type Sales proceeds from homes or lots
Fees Application Fee - $1,000
Origination fee – 0.75% of loan amount
Draw processing fee – 0.75% of draw
Application Fee - $1,000
Origination fee – 1.0% to 1.5% of loan amount
Draw process Each acquisition request is analyzed by NC prior to approval, with funding generally within 15 to 30 days of request, depending on acquisition timeline Each draw request is analyzed by NC with funding generally within 10 days of request
Third-party reports​ Appraisal, Phase I/II environmental assessments, market study, capital needs assessment for operating property Appraisal, Phase I/II environmental assessments, market study, construction cost review