Download EDLF Parameters
| Pre-Development | Acquisition & Pre-Development | |
|---|---|---|
| Purpose | Pay Pre-Development costs, including legal costs, costs for third party reports (e.g., environmental assessments and appraisals), design plans, tax credit applications, deposits and other Pre-Development costs (the “Pre-Development Costs”). | Pay Pre-Development costs as well as acquisition costs for the subject property. |
| Project Type | Rental housing; commercial; industrial and mixed-use projects | Rental housing; commercial; industrial and mixed-use projects |
| Loan Amount | $100,000 – $750,000 | $1,000,000 – $2,500,000 |
| Maximum Loan to Cost Ratio | 80% of Pre-Development budget | 30% of total project budget (inclusive of market value of the real property) |
| Pricing | 30 day LIBOR + 4.50% | 30 day LIBOR + 4.50% |
| Maximum Interest Rate | 8.0% | 8.0% |
| Term | 6 months to 5 years | 6 months to 5 years |
| Application Fee | Varies based on loan size, generally $2,500 to $3,500 | Varies based on loan size, generally $2,500 to $3,500 |
| Origination Fee | 2.5% for loans up to $1,500,000
2.0% for loans larger than $1,500,000 |
2.5% for loans up to $1,500,000 2.0% for loans larger than $1,500,000 |
| Prepayment | Flexible | Flexible |
| Collateral | First or second position mortgage in the property and/or guarantees of the key owners. | First or Second position mortgage in the property. |
| Recourse and Guarantees | Full recourse | Full recourse |