Real Estate Purchase/Rehab Loans
The Real Estate Purchase/Rehab Loan product is designed to provide capital for acquisition and/or construction activities for buildings more than 50 years old. LCC will make a real estate loan and offer technical assistance to help ensure the success of the development project.
- Eligible Borrowers: Non-Profit and community minded For-Profit Entities
- Uses: Purchase and/or Rehabilitation of qualified properties. Loan proceeds may also include refinance of existing debt. Pre-development loans will be considered if fully collateralized.
- Property Types: Affordable and Market Rate Residential Investment properties; Commercial Buildings on Main Streets; Religious and Community Properties.
- Geography: Low to Moderate income neighborhoods in Western Pennsylvania. Loans in more affluent census tracts will be considered for affordable housing projects and properties of historical/architectural significance.
- Loan Amount: $25,000 to $700,000
- Rates: Competitive Fixed Interest Rates with no Prepayment Penalties. Below market rates available for non-profit borrowers and façade/first floor interior projects in Downtown and Strip District.
- Repayment: Interest only and/or P&I with balloon at maturity (dependent on what a deal can support and borrower)
- Collateral: Property or other assets acceptable to LCC.