Loans for up to 25% of the acquisition, construction and renovation of commercial, industrial and office facilities containing a minimum of 10,000 square feet.
The maximum amount available is $250,000. Further, industrial improvement loans are limited to twenty-five percent (25%) of the appraised value of the project upon completion or twenty-five percent (25%) of the actual cost of the project, whichever is less.
The rate of interest is forty percent (40%) of the prime-lending rate as published in the Wall Street Journal rounded off to the next highest quarter of a percent with a minimum floor of five percent (5%).
Generally, the term of the LDFC loan will be the same as the term of the first mortgage unless determined otherwise by the LDFC Executive Committee.
Minimum Project Cost
In order to be eligible, the cost of the project to the applicant must be $200,000 or more after subtracting from the total the amount requested from the LDFC.
All loan commitments are subject to the availability of funds.
Loans may be disbursed over a period of up to five (5) years.
A one percent (1%) commitment fee is due upon acceptance of terms and conditions.
All necessary permits must be obtained from appropriate departments within the City of Lowell.