Photo by Todd Clarke
Ventana Fund’s construction loans are available for new ground-up development projects. Financing is available for the total development costs of new construction or acquisition/rehabilitation affordable housing projects that have firm take-out financing. Loans are available to non-profits and for-profit affordable housing developers.
Eligible Loans: Construction loans to finance total development costs of new construction or acquisition/rehabilitation affordable housing projects that have firm take-out financing.
Eligible Participants: Nonprofit and for-profit affordable housing developers.
Restrictions: Rents must be at or below 80% of Area Median Income.
Maximum Loan Amount: $1,500,000, higher amounts at discretion of the Board.
Maximum Loan Term: 12-24 months
5.0% - 6.0% per annum – fixed
Loan Fees: 1% origination fee, $2500 application fee.
Payment Terms: Generally interest only monthly for construction loans.
Loan-to-value ratio: (LTV) Generally 80% LTV. May consider subordinate lien position.
Application Window and Process: Applications are accepted year round, subject to availability or funds. To apply, visit our new borrowers page here.
Other Conditions: This term sheet is meant to be a guideline but may not have all terms and conditions that will be used in underwriting a particular loan request that is submitted to the Ventana Fund. Funding of any project is subject to availability of funds.