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LOAN PRODUCTS, REQUIREMENTS AND TERMS

To be eligible for an Impact Capital loan (see our Loan Product Matrix) projects must:

• Be located in Washington State for loans from the Impact Capital loan pools or in the Northwest for loans from LISC.
• Demonstrate acceptable site control (see also CDLF Phase 1 Loans below).
• Be unable to secure sufficient conventional financing to meet project needs.
• Be sponsored by a nonprofit organization, a Public or Tribal Housing Authority, or a partnership or joint venture between profit and nonprofit organizations in which the property will be under the long-term control of the nonprofit partner and the nonprofit partner has a significant role during development.
• Be single-or multi-family rental or ownership, community land trust, mixed use (residential plus commercial and/or industrial), commercial/retail, or community facility.
• Provide benefit to low-income households or communities (defined as 80% of the area median income or below).
• Demonstrate evidence of fiscal soundness, managerial competence, and ability to meet the terms of the proposed loan.

Community Development Loan Fund Requirements

To be eligible for CDLF Phase I Predevelopment loan funds, projects must meet the above criteria and:

• Have not applied for state or local funds, such as the State Housing Trust Fund, Low-Income Housing Tax Credits, City or County allocated funds (eg, CDBG, HOME, 2060, 2163, etc.). Projects that have applied for certain Federal Funds (e.g., Section 811 and Section 202) may be considered for Phase 1 loans. Contact an Impact Capital Program Officer to discuss prior to submitting an application.
• On a case-by-case basis Impact Capital will consider applications for Phase 1 loans when a site has been identified but prior to site control. Contact an Impact Capital Program Officer to discuss prior to submitting an application.

General Loan Terms

• Loan terms typically do not exceed three years, and in no case will exceed five years.
• Interest rates are fixed at time of origination. Loan payment schedules are structured to match the needs of the project. Loans are typically interest-only with principle due at maturity.
• The borrower is expected to pay all fees associated with the origination of the loan, including third party expenses such as legal, appraisal and title. Impact Capital loan fees vary by loan product.
• Loan to value ratio (total mortgages/appraised value) can be up to 100% of property value where there is adequate security. Loans in excess of 100% may be considered on an exception basis.
• All loans (except the Phase I Predevelopment Loan) are recourse and secured. Acceptable security includes: best available deed of trust, guarantee, or other collateral acceptable to Impact Capital. For Phase 1 Predevelopment Loans, Impact Capital may secure the Phase 1 loan if the Borrower already owns the subject property.
• Once a loan is originated, periodic monitoring will be required, including the submittal of quarterly and annual financial statements.