|Uses||NIIF’s predevelopment loans are short-term loans for early stage costs to determine a project’s feasibility, including architect or engineering fees, market and environmental studies, appraisals, legal costs, filing and application fees and financial consultants.|
|Loan amount||Up to $100,000
Higher amounts are subject to a pledge of collateral, strength of the guarantor, or other underwritten repayment sources
|Loan term||Generally up to 24 months|
|Interest rate and repayment||
From 6%, subject to underwriting
Generally interest-only; an interest reserve may be required
|Collateral/security||Up to $100,000 unsecured
Loans greater than $100,000 may be considered with additional security through liens on real estate and pledges of grant funding, among other options.
|Repayment source||Typically acquisition or construction financing for the project development
Alternative funding such as grants may be acceptable.
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.|