 |
| Construction Loan Terms |
|
Loan Amount
|
$1,000,000 to $5,000,000
|
|
Use of Funds
|
Acquisition and rehabilitation, conversion, and/or new construction, closing costs
|
|
Loan Term
|
Up to 24 months
|
|
Rate
|
30-day LIBOR plus 3.80%, variable monthly
|
|
Fees |
1.50%
|
|
Take Out Source |
CCLC Permanent Loan or property sales
|
|
Recourse |
Personal repayment guarantee or other collateral |
|
Prepayment Penalty
|
None |
|
Loan-to-Cost Ratio
|
Maximum of 90% of total project costs on any specific property
|
|
3rd Party Reports |
Appraisal, environmental, and geotechnical (as applicable) |
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| Construction Loan Terms |
|
Loan Amount
|
$250,000 to $1,000,000
|
|
Use of Funds
|
Acquisition and rehabilitation, conversion, and/or new construction, closing costs
|
|
Loan Term
|
Up to 24 months, with revolving structure available
|
|
Rate
|
30-day LIBOR plus 4.00%, variable monthly
|
|
Commitment Fees |
1.50%
|
|
Take Out Source |
CCLC Permanent Loan or property sales
|
|
Recourse |
Personal repayment guarantee or other collateral
|
|
Prepayment Penalty
|
None |
|
Loan-to-Cost Ratio
|
Maximum of 90% of total project costs on any specific property
|
|
Escrows
|
None |
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The Century Community Lending Company’s goal is to find and cultivate entrepreneurial developers dedicated to revitalizing their communities. A vital element of the initial and continuing success of these entrepreneurs is the technical assistance the CCLC provides. This technical assistance ensures that borrowers are prepared for the substantial undertakings of residential development, multifamily ownership, and property management, and to ensure long-term viability of CCLC-financed developments. CCLC and third-party vendors can provide the following technical assistance to borrowers:
- Assistance in estimating the total costs of the project
- Forecasting the post-construction/post-rehab rent structure
- Determining overall project feasibility
- Negotiated rates for third party reports and services
- Establishing construction standards
- Providing referrals to general contractors, architects, engineers, and other consultants
- Performing on-going inspections during construction
- Providing timely construction draws
- Helping to resolve operational problems and cure deficiencies
- Property management training
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