As many of our readers are aware, trends in the affordable housing industry are driving up expenses. In the Puget Sound region, construction costs have been escalating rapidly for the past few years. Somewhat overshadowed by the proliferation of cranes in the greater Seattle area are rapidly inflating underlying costs needed to bring projects to fruition. Outside Puget Sound, as pressure mounts to create more affordable housing units throughout the region, projects are becoming larger and more complex – necessitating increased predevelopment expenses.
In response to these changing conditions and to better serve our clients, on February 7th Impact Capital’s Board of Directors approved an increase to the maximum loan limit on our Phase 2 predevelopment loans from $750,000 to $1,000,000. These loans are largely provided on an unsecured basis and help a project move quickly from funding to construction closing. The increased loan limit helps cover these ever-increasing costs, ensuring our partners’ precious financial resources can be put to better use.
If you are interested in a Phase 2 predevelopment loan, please contact Seth Benziger at firstname.lastname@example.org,or at 206-658-2605.