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NeighborWorks Capital Corporation

Program

Predevelopment loans are a source of low-cost, flexible capital that can be used during the early stage of the development process. They reduce project carrying costs and ultimately assist NeighborWorks® members in keeping their projects affordable for tenants. These short-term loans are used by members to pay for purchase options, architecture and engineering work, environmental testing, market studies, and other such costs associated with designing and advancing a project. Loan amounts can be up to $200,000 with a maximum loan term of 30 months. Loans are made on a recourse basis with flexible collateral requirements and are repayable upon closing of interim, construction or permanent financing.

Interim Development loans are used by members to acquire and hold properties. These short-term loans permit members to purchase building sites, do critical repairs and then arrange for the construction and permanent financing needed for project completion. Interim development loan amounts may be up to $1.5 million with a maximum loan term of 36 months, renewable for an additional 24 months. Loans are made on a recourse basis with a strong preference for mortgage or other collateral. The loans are repayable upon closing of construction or permanent financing.

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