Home > Lending Programs > Acquisition/Mini-Permanent Loans for Housing

Acquisition/Mini-Permanent Loans for Housing

General Information and Structure

Lender: 
Enterprise Community Loan Fund
Lending Type: 
CDFI
Jurisdiction: 
National

Available for land and building acquisition, predevelopment costs and critical repairs. Loan-to-Value: 80% for unimproved land. Loan-to-value based on "as is" appraised value. Repayment: Interest only, payable monthly. Principal due at earlier of acquisition financing or maturity date. In some cases the loan will be structured with a pricipal and interest paymnet, payable monthly. No prepayment penalty. Recourse/Guarantie: Loans will have full recourse to the borrower and guaranty from project sponsor, if applicable.

Active or Closed Program?: 
Active
Eligibility Criteria: 
Nonprofit organizations, Limited partnerships and single asset entities with nonprofit sponsors, and Mission-aligned for-profit entities are eligible borrowers.
Type of Financing: 
Acquisition/Predevelopment
Mini-Permanent/Permanent
Loan Size Range: 
$500,000 to $4,000,000

Financing Details

When is the Product Applicable?: 
Acquisition
Interest Rate: 
Fixed and variable interest rate options available (variable rates based on LIBOR)
Maturity: 
Up to 5 years
Security: 
Secured - real estate

Additional Information

Point of Contact: 
Noni Ramos at 415.395.0956 or nramos@enterprisecommunity.org
Program Notes: 
Fees: Up to 2% of loan amount; half payable at commitment, balance due at closing. Borrower is responsible for payment of legal fees and all third party costs including appraisal, Phase I, etc., if applicable.