In 2005, HCLF introduced its new
Construction/Rehab Loan Program to provide financing for
borrowers seeking to acquire and rehabilitate
residential properties. Through this program, HCLF
provides a construction loan for eligible properties
enabling applicants to borrow up to 90% of the
‘to-be-completed’ appraised value of the property. Upon
completion of rehab work and adequate lease-up of units,
HCLF will convert the construction loan to a permanent
mortgage.
Construction/Rehab Loan Program criteria include:
Loans size is
a minimum of $50,000 to a maximum of $500,000.
Construction
portion of loan for a term of 6-12 months (may be
interest only during construction); permanent mortgage
term of 10 years with up to 25 year amortization.
Properties must contain a least one residential unit.
Eligible borrowers include individuals with rehab
experience, qualified for profit developers, and
not-for-profit CDCs with property development
experience.
How to Apply:
Call HCLF at 860.296.7005 to make an appointment with a
loan officer.
Copyright 2008 Hartford Community
Loan Fund. All rights reserved
Loans size is
a minimum of $50,000 to a maximum of $500,000.