Short Term Loans
Description -- loans up to 36 months
Eligible uses -- acquisition, predevelopment, construction, bridge, working capital, and line of credit financing of residential, commercial, community facility, or charter school space
Features --
- Up to 3 year term
- 6.75% interest rate for loans up to $1 million
- 7.00% 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