Uses | To build new or significantly rehabilitate/renovate existing apartment, condominium, single-family, commercial, and mixed-use properties | |
Loan amount | Up to $10,000,000 | |
Loan term |
Up to 36 months for single-project loans Up to 60 months for multi-phase projects, especially large subdivisions |
|
Interest rate |
Please call us for current fixed rates. Rate dependent on the loan amount, loan term, complexity and certainty of the repayment sources, and permanent financing conditions | |
Collateral/security |
First position liens on the property and project under construction Maximum 85% LTV/LTC |
|
Repayment source |
Permanent financing for apartment or commercial/mixed-use projects Sale proceeds from home/property sales |
|
Fees |
Application Fee - $1,000 Origination Fee - 1.25% to 2.00% of loan amount Borrower pays all third-party inspection and review costs |
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Draws and Funding | Funds are drawn on a progress basis, generally once per month, through standard inspection and requisition process | |
Third-party reports | Appraisal, Phase I/II environmental assessments, market study, capital needs assessment for rehabilitation project, construction plans, budget and contract review |
*Interest rates are estimates and subject to change based on market conditions
Loans@neighborworkscapital.org
Tel: (240) 821-1651
8484 Georgia Ave. Ste 330
Silver Spring, MD 20910
Hours: Mon-Fri 8am-6pm
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