"For-Profit" Predevelopment or Construction loans are available for small to mid-size development firms who are engaged in a housing or economic development project that will benefit low- to moderate-income people and/or communities.

Criteria
• MAXIMUM MORTGAGE AMOUNT: Prevailing CCM maximum - currently $860,000
• MAXIMUM LOAN-TO-VALUE: 90%
• TERM OF LOAN: 2-year maximum
• INTEREST RATE: Prime plus 1 to 4 points (depending on credit history)
• INTEREST DEPOSIT (reserve): 0-2 months (depending on financial strength)
• INTEREST REPAYMENT: Interest-only payments monthly until maturity
• POINTS: 1 to 2 points (half due at commitment, half due at closing)
• APPLICATION FEES: $150 FEES: Normal closings costs apply (including legal fees)
• SECURITY: a) First mortgage (valid first lien on property) and personal guarantees; and/or b) other collateral: cash, Letters of Credit, first or second position lien on other property and so forth
• OTHER: CCM may provide technical assistance where applicable

Eligibility
• PROPERTY RESTRICTIONS: Must be located within Maryland
• SOCIAL IMPACT RESTRICTIONS
a) Project must be in census tract whose median household income is 80% (or less) of the citywide median income and/or
b) Income of project end-user could not exceed 100% of PMSA; mixed-income developments are eligible on a case-by-case basis.
c) Documented community support is also required. BORROWER RESTRICTIONS: Small to mid-size firm (minority-owned and women-owned firms especially encouraged)

For more information, contact us at ccm@communitycapitalofmaryland.org