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Mini-Perm / Permanent

Construction 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 $2,000,000 for Permanent Loan​
Loan term 7 years for Mini-perm Loans
18 years for Permanent Loans
Interest rate From 6.25%
Collateral/security 1st and 2nd position lien on financed and/or unencumbered real property, pledged earned developer fees, and grant funds, assignment of ownership interests
Maximum LTV 95%
Payments Monthly P&I payments based on 15 to 30-year amortization
Minimum DSCR of 1.10x
Payments made from operating cash flow of the property​
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
Third-party reports Appraisal, Phase I/II environmental assessments, market study, construction plan and contract review​