We have asked for your feedback and we are listening! Our goal is be responsive, flexible and timely. NC believes that a satisfactory borrowing experience starts with a shared understanding of the proposed project upfront, an outline of the information needed by NC, good faith estimate of borrower costs, and a reasonable timeframe from underwriting to loan closing.
Pre-development Loan NC's Predevelopment Loan product is aimed at providing NWOs with funds needed to conduct early stage due diligence. Funds are typically used for environmental studies, market studies, appraisals, A&E expense, legal fees and earnest money deposits. Pre-development loan amounts can be up to $200,000 with a maximum loan term of 30 months at 4%. Loans are unsecured but made on a recourse basis to the borrower.
Interim Development/Acquisition Loan NC's Interim Development loan product is designed to bridge NWOs from the early due diligence phase of a project and obtain site control of properties up to the point when construction or permanent financing closes. Funds are typically used for acquisition, critical repairs and pre-development or other costs associated with securing construction or permanent financing. Interim development loan amounts may be up to $1.5 million with a maximum loan term of 36 months at 5%, with a portion unsecured and subordinated. Loans are made on a recourse basis with a strong preference for a mortgage or other collateral. The loans are repayable upon closing of construction or permanent financing.
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The link to the right will provide you with more detail about NeighborWorks® Capital's Predevelopment and Interim Loan Products.
If you are interested in a loan, please fill out the Loan Inquiry form to the right and return to us by fax or e-mail. Our lending team will call you back to discuss your needs.
After you have spoken to our lending team about your financing needs you will be asked to complete a Loan Application form and return by fax or e-mail along with requested attachments.
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