Longer Term Loans
Description -- loans over 36 months
Eligible Uses -- Mini-permanent financing of residential, commercial, community facility, or charter school space
Features --
- Maximum 7 year term
- Maximum 12 year amortization period
- 7.25% interest rate for loans up to $1 million*
- 7.5% interest rate for loans over $1 million*
- Maximum amount:$2 million
- Secured by mortgage or other asset
- Flexible collateral and loan-to-value requirements
- Will subordinate to conventional lender
*Loans for community facilities, charter schools, healthcare facilities, and
nonprofit office space are eligible for the lower short term interest rates regardless of
the length of the loan term