| Uses | NIIF construction loans follow acquisition of property or vacant sites, and are used to cover hard and soft costs associated with new construction, adaptive reuse or extensive renovation for residential, commercial or mixed use. |
| Loan amount | Up to $3,000,000, typically to be issued alongside another co-lender or with NIIF as a participant |
| Loan term | Generally 18–24 months |
| Interest rate and repayment |
From 5.0%, subject to underwriting Payments may be interest only |
| Collateral/security | First (if available) or subordinate liens on the property acquired
Generally loan to value (LTV) up to 90% of appraised “as completed” value; non-profit sponsors may be eligible for higher LTV, subject to underwriting |
| Repayment source | Permanent financing, proceeds from sales, or other takeout source, depending on project type and timeline |
| 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 Construction draw / inspection fees as applicable |
| 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. | |
Construction Loans
