Stearns Bank is committed to the affordable housing industry and Low Income Housing Tax Credit program. Work directly with decision makers and in-house documentation specialists to save you money on legal fees and streamline the construction process. We deliver fast & flexible nationwide tax credit finance to get the job done for you!

Affordable Housing Loan Programs

Construction Loans. We tailor your loan to what is needed to get the project completed on time and on budget. We have minimal legal fees associated with the loan closing, rates and terms are negotiable, and closing costs are also competitive.

  • Loan Size: Any amount considered
  • Term/Amortization: 12 to 24 months, tailored to the need of your project
  • Interest Rate: Spread over Wall Street Journal Prime Index
  • Closing: With all required docs, Stearns Bank has the ability to close your loan within 2 to 6 weeks. Typically an appraisal, ALTA survey, and title insurance determine the number of days to close.

Pre-Development Loans. It’s often necessary to purchase suitable land for your tax credit project. Our terms are competitive and we can get your loan approved quickly with a minimal amount of paperwork.

  • Loan Size: Any amount considered
  • Term/Amortization: 6 - 12 months, tailored to the need of your project
  • Interest Rate: Spread over Wall Street Journal Prime Index
  • Closing: Average is 30 days or less

Mini-Perm Loans are also available. Call for details.

Tax Credit Finance

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Recent projects we've financed:
  • Multifamily, $3.5 Million - Washington
  • Multifamily, $3.0 Million - Nevada
  • Senior, $2.8 Million - South Carolina
  • Multifamily, $1.9 Million - Virginia
  • Single Family, $5.8 Million - Michigan