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Loan Programs

Housing
Short-term loans for affordable housing projects including: single family (both rental and ownership), multifamily, special needs and transitional.

Community Facilities
Short-term loans for facilities benefiting low income or underserved communities. Examples include (but are not limited to): nonprofit offices, community centers, childcare facilities, shelters, medical and/or dental clinics, adult day health care facilities.

Economic Development
Short-term loans for projects in low-income or underserved communities, which will contribute to community revitalization and create or retain jobs.

Loan Products

- Land Acquisition	- Predevelopment	- Site Development
- Construction	- Acquisition/Rehabilitation	- Mini-permanent
- Refinance	- Line of Credit	- Working Capital

Terms and Conditions:

Amount
$10,000 to $750,000

Term
Up to five years for term loans and 12 months (renewable) for lines of credit

Interest Rate
Priced according to risk.

Loan Fees
Commitment Fee: 1% and Closing Fee: 1%

Collateral

• Real estate, when possible
• Subordination to conventional lenders considered
• Will consider alternatives to real estate
  

  - Assignment of leasehold interest	- Certificate of Deposit
  - Irrevocable letter of credit	- Loan Guarantee
  - Income Stream	- Assignment of Revenue
  - Suggest something for us to consider

Loan-to-Value
Up to 90%

Debt Service
Coverage Ratio 1.05 or better

Borrowers

• Nonprofit agencies 501(c)(3)
• Governmental or quasi-governmental agencies
• For-profit developers/contractors/builders, when significantly partnered with a nonprofit

Project
Must be located in a low-income census tract OR serve a majority of very low to moderate-income people

Contact us for more information.