Loans for up to 30% of the acquisition and renovation of commercial property that may have a residential component.
The maximum amount available is $50,000 or thirty percent (30%) of the appraised value of the project upon completion, whichever is less.
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%).
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.
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.