LOAN PRODUCTS

All CCRF loans carry interest rates of 1.5% and origination fees of 1.5%, with origination fees due upon loan closing and interest paid over the course of the loan term. CCRF can provide up to $4 million in financing to any single borrower; however, the individual Coalition members can, at their discretion, offer additional financing from their own capital sources and upon their own rates.

Ready for Capital?

Acquisition Loans

Construction/Bridge Loans

  • Loan Purpose: Provides proceeds for the acquisition of real estate to be developed and operated as affordable housing
     

  • Maximum Loan Amount: $4 million*
     

  • Maximum Loan Term: 24 months
     

  • Repayment Terms: Interest-only paid monthly during term of the loan; principal repaid from proceeds of the construction loan and/or LIHTC equity
     

  • Maximum LTV: 70%, based on an appraisal of the real estate collateral. Real estate appraisal must take into account any land-use restrictions that would survive in foreclosure and liquidation. For-profit borrowers are further subject to minimum equity requirement equal to 20% of acquisition cost. On a case-by-case basis, higher loan-to-value ratios may be considered for not-for-profit borrowers.
     

  • Recourse: Loans will be full recourse to the borrower. In the case of a single purpose entity serving as the borrower, the Sponsor entity will be required to provide a guaranty. 
     

  • Guarantees: For for-profit borrowers, personal guaranties are generally required from all persons with a 20% or greater interest in the borrower. For not-for-profit borrowers, guarantees are required from project sponsors, as applicable. Exceptions or limitations may be considered on a case by case basis.

  • Loan Purpose: Provides proceeds for the new construction or rehabilitation of real estate, inclusive of project-related soft costs.  Construction loan funds may bridge investor pay-ins based on pre-determined advance ratios.
     

  • Maximum Loan Amount: $4 million*
     

  • Maximum Loan Term: 24 months.  
     

  • Repayment Terms: Interest-only during construction, which may be paid from an interest reserve built into the loan. Principal repaid from investor pay-ins and/or project take out financing. For projects relying on take-out financing for repayment, financing must be committed at the time of loan closing.
     

  • Maximum LTV:  For loans that do not bridge equity pay-ins, 80% based on an appraisal of the real estate collateral. Real estate appraisal must take into account any land-use restrictions that would survive in foreclosure and liquidation. For loans that bridge investor equity pay-ins, the maximum outstanding loan to remaining advance ratio will be 85%. On a case-by-case basis, higher loan-to-value ratios may be considered for non-profit borrowers. 
      

  • Recourse: Loans will be full recourse to the borrower. In the case of a single-purpose entity serving as the borrower, the Sponsor entity will be required to provide a guaranty.
     

  • Guarantees: For for-profit borrowers, personal guaranties are generally required from all persons with a 20% or greater interest in the borrower. For non-profit borrowers, guarantees are required from project sponsors, as applicable. Exceptions or limitations may be considered on a case by case basis.

 

Additional Considerations: 
 

  • Construction budget should include a 5% construction contingency for new construction projects and a 10% construction contingency for rehabilitation projects.
     

  • Terms should include a 10% construction retainage, paid upon project completion.
     

  • The project contractor must provide a Payment and Performance Bond.
     

Is your affordable housing development ready for capital? Tell us more!

CDFI Coalition Revolving Fund (CCRF)

229 Peachtree St NE, Ste 705, Atlanta, Georgia 30303

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CCRF Georgia

CDFI Coalition Revolving Fund