80/20 PROJECT FUNDING PROGRAM
Our funding company affiliation has reintroduced the 80/20 PROJECT FUNDING PROGRAM for project development in which we will fund 80% of the total project based on 20% down payment. The required minimum project amount is $5,000,000.00.
Our Program provides an alternative to traditional loans for borrowers seeking project funding.
The 20% is used as a down-payment in accordance with loan approval; we will require that such down-payment be place in a Cash Holding Escrow Account with Bank of America. A draw schedule is required with funding taking place over a 24 month time period.
(Please no heavy front loading in the “Draw Schedule” the schedule will be based on 60% of the loan funded/serviced the first year and 40% the second year.)
(No payments will be due the first year of the Loan.)
Process and procedures:
• Pre-Qualification Document
• Proof of Funds (Bank to Bank verification)
• Signed & Notarized processing documents
• Signed Term and Agreement Contract
We recognize the need for comfort and to know what to expect. We are engaged in Private Project Funding. Again, we have eliminated many attributes that are commonly associated with commercial lending programs: