Mini-Perm / Permanent

Construction Loans

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

Case Study

Hope Enterprise | Lamar Life Insurance Building

NC’s $1.75 million loan participation with Hope Enterprise Corporation, part of a $12 million New Markets Tax Credit transaction, will bring the landmark Lamar Life building, one of the largest in Jackson, MS, back to life with new commercial space and apartments.

DETAILS
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 Refinancing or sale of property
Fees Application fee - $1,000
Origination fee – 1.00% to 1.50% of loan amount
Required Documents Appraisal, market study, Phase I/II environmental assessments, capital needs assessment for operating property