Mini-Perm / Permanent

Permanent Loans

Acquisition-rehab and refinancing of operating rental, commercial, and mixed-use properties, including in New Markets Tax Credit developments

Uses Acquisition/rehab and refinancing of operating rental, commercial, and mixed-use properties, including in New Markets Tax Credit developments
Loan amount Up to $7,000,000 for Mini-perm Loan
Up to $3,000,000 for Permanent Loan​
Loan term 5 to 7 years for Mini-perm Loans
10 years for Permanent Loans (18 years for LIHTC-financed projects)
Interest rate Please call us for current fixed rates
Collateral/security 1st or 2nd position mortgage/deed of trust on the financed property
Maximum LTV 95% with stabilized occupancy
For NMTC Leverage Mini-Perm Loans, security will include pledge of ownership interests, grant funds, earned developer fees
Payments Monthly P&I payments based on 15 to 30-year amortization
Minimum DSCR of 1.15x for 1st position, 1.05x for 2nd position
Debt service payments and replacement reserve deposits made from property cash flow
Replacement reserves will be held by NeighborWorks Capital
Repayment source Refinancing or sale of property
Fees Application Fee - $1,000
Origination Fee - 1.00% to 1.50% of loan amount
Third-party reports Appraisal, market study, Phase I/II environmental assessments, capital needs assessment