Real Estate Loans
Real estate loans are used to purchase existing real estate or as gap financing for the take-out of construction loans. The majority of our loans are five to seven years in duration, amortized over a 20- or 25-year period.
Loan Terms
- Interest rate: Fixed for the term of the loan
- Repayment: Varies on a case-by-case basis
Loan Review
The applicant will be required to submit the following supporting documentation:
- Organizational Description - Brief history, mission and purpose of organization; most recent annual report (if available); brochures or marketing information regarding your organization; resumes for key management/staff; list of Board of Directors and officers including names, occupations, affiliations and addresses.
- Organizational Subsidiaries and Affiliates (if applicable) - List of all subsidiaries and affiliates of borrower including description of relationship.
- Organizational Documents - Articles of Incorporation, By-Laws and IRS Determination Letter.
- Development Team - List of key individuals involved in developing this project including staff, board and technical assistance providers. (When outside assistance is used, please include addresses and phone numbers of those providing services.)
- Partnerships (if applicable) - List of all partners (public and private, nonprofit and for-profit) involved in the project including their role and financial commitment.
- Project - If available, additional information about the proposed project including a business plan, project schedule highlighting important milestones and estimated date of completion.
- Organizational Financial Information
- Income tax statements (Form 990) for the most recent year ending
- Audited financials for the last three years (if not available, Form 990s for last three years)
- Last three months financial statements including balance sheet and profit and loss statement
- List of the organization’s three primary confirmed [funding] sources of income including description, contact person, amount and period covered
- List of outstanding loans including name of creditor, reason for loan, original balance, current balance, monthly payment, interest, origination date, maturity date, collateral used for loan, status (current or past due)
- Outstanding tax liabilities, judgments, etc.
- Operating pro forma (budget) including loan and project for a minimum of three years
- Facilities Information
- Copy of signed offer to purchase (if applicable)
- Copy of appraisal (if available)
- Three year pro forma operating statement for the building purchase
- Property inspection report (if available)
- Phase 1/Phase 2 environmental report (if available)
- Collateral Information
- Copy of most recent appraisal/s (if available)
- Phase 1/Phase 2 environmental report (if available)
- List of creditors having a financial interest in the collateral, include contact information and current loan balance
Learn more about other loan products available:
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PROJECT EXAMPLES
