Neighborhood Improvement
Fact Sheet

Loans for up to 30% of the acquisition and renovation of commercial property that may have a residential component.

Eligibility Criteria/Guidelines

Amount
The maximum amount available is $50,000 or thirty percent (30%) of the appraised value of the project upon completion, whichever is less.

Interest Rate
The rate of interest is forty percent (40%) of the prime-lending rate as published in the Wall Street Journal rounded to the next highest quarter of one percent with a minimum floor of five percent (5%).

Term
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.

NOTE:

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.

Contact
Jim Cook, Executive Director - jcook@ldfc.org
Germaine Vigeant-Trudel, Assistant Director - germaine@ldfc.org
Lowell Development and Financial Corporation
T:  978-459-9899