Acquisition Line of Credit

Eligible Purposes: CDCapital provides financing for the acquisition and rehabilitation or redevelopment of distressed, abandoned and blighted properties and vacant land in New Orleans MSA and Southeast Louisiana, for the purpose of increasing the stock of affordable rental and homeownership housing for low-and moderate income households.
Eligible Borrowers: Nonprofit, for profit and quasi-public community development organizations.

Loan Size: $50,000 to a maximum of 15% of total fund capitalization
Interest Rate: Interest rate targeted at 4% above cost of funds. Interest is payable quarterly or monthly.

Loan term: One year, renewable upon annual review.
Maximum Loan to Value: 100% (Pre-habilitation valuation)
Origination Fee: 1% of total amount.

Security: First or second mortgage with recourse to borrower.