loans
LISC offers financing during all stages of projects – predevelopment, property acquisition, construction, and permanent. We seek to strike the right balance between taking risks consistent with our role as a charitable lender, and recovering our capital so we can make funds available to future projects. Following are some examples of our loan products:
Pre-Development Loans
- To pay project predevelopment expenses for rental housing, for-sale housing, community facilities, and land banking.
- Up to three-year terms.
- Interest payable monthly or quarterly.
- Repayable in full at construction financing close.
Acquisition Loans
- To pay purchase and closing costs for rental housing, for-sale housing, community facilities, and land banking.
- Up to three-year origination period.
- A proportionate amount of non-amortizing loan repayable at construction financing close for each unit.
- Security required, with strong preference for real estate collateral. Interest payable monthly or quarterly.
Construction Loans
- To pay hard and soft construction costs for rental housing, for-sale housing, and community facilities.
- Up to two-year term and origination period.
- Non-amortizing loan repayable in full at permanent financing close.
- Fixed interest rate, set at closing, payable monthly or quarterly.
- Security required, with strong preference for real estate collateral.
Mini-Permanent Loans
- To provide permanent financing for rental housing and community facilities.
- Up to seven-year term, amortized over maximum of 12-year schedule, repayable in full on balloon maturity date.
- Fixed interest rate, set at closing, payable monthly or quarterly.
- Security required, with strong preference for real estate collateral.
Revolving Working Capital Loans and Lines of Credit
- To provide flexible working capital for a number of projects, to meet early project expenses or organization cash flow needs.
- Up to two-year term, 18-month origination period; revolving facility.
- Disbursements repayable at construction financing close.
- Fixed interest rate, set at closing. Standard closing conditions.