Real Estate Construction/Rehab Loan

Construction loans may include all costs associated with building or restoring a physical structure. Please note that some criteria may vary depending on the project and are subject to change.

Criteria

  • Loan Range Amount: $10,000 – $700,000
  • Maximum Loan-to-Value: 100%
  • Maximum Term: 1.5 – 2 years
  • Interest Rate Range: 5-8%
  • Repayment: interest-only payments; principle and interest with a balloon at maturity
  • Points: Up to 2 points
  • Application Fee: Non-refundable $100
  • Collateral: Loan funds must be fully collateralized by the property or other asset acceptable to LCC.
  • Other: LCC may request to have design approval or that an easement be considered on the property.  Applicant must also accept technical assistance where applicable.

 

Eligibility

  • Property Restrictions: Should be located in a low-moderate-income census tract in LCC’s footprint.
  • Borrower Restrictions: Must be a non-profit or for-profit organization that either has a mission to or experience in economic development activities, which may include real estate development, in low-moderate income areas.