| 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
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| 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. | |
Bridge Loans
