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(rehabilitation) loans are short-term, usually with a 1-year term,
used to build or rehabilitate a physical structure. Criteria • MAXIMUM LOAN-TO-VALUE: 100% • TERM OF LOAN: 1 to 2 -year maximum • INTEREST RATE: Prime plus 1 to 2 points • INTEREST REPAYMENT: Interest-only payments monthly until maturity • POINTS: Up to 2 points • APPLICATION FEES: None • FEES: Normal closings costs apply • SECURITY: First mortgage (valid first lien on property) preferred and/or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth • OTHER: Applicant must accept CCM technical assistance where applicable Eligibility • PROPERTY RESTRICTIONS: Must be located within Maryland. • BORROWER RESTRICTIONS: Must be a nonprofit, for-profit/nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative. Must be engaged in community-based housing, economic development or social service facility project that will serve or benefit low- to moderate-income people and/or communities.
For more information, contact us at ccm@communitycapitalofmaryland.org |
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