FINANCING – BRIDGE LOAN

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BRIDGE LOAN 

Uses Interim funding to cover a gap in availability of funding from an identified take-out source, including: tax credit equity, grants or pledges receivable, other future subsidy, or construction or permanent financing.
Loan amount Up to $3,000,000
Loan term Depends on takeout, not longer than three years
Interest rate and repayment

From 5%, dependent on security, term, takeout

Generally interest-only; an interest reserve may be required

Collateral/security May include pledge on grant receivables, as documented and reviewed, liens on real estate or other assets, etc.
Repayment source Take-out source to be identified from project plan, may include grant receivables, tax credit equity funding and other future funding sources
Fees

Commitment fee — $1,000

Origination fee — Up to 1.50% of loan amount

Third party legal fees and other third-party fees as incurred

All terms are estimated and subject to periodic revision, at NIIF’s sole discretion.  Inquiries or questions may be directed by email to Lori Glass, Chief Lending Officer , at Lori@Baltimoreniif.org.