Affordable Housing Finance
Work with our experienced lenders to get your LIHTC project approved and closed quickly.
Stearns Bank has built a solid reputation in their knowledge of the Low income Housing Tax Credit (LIHTC) program over the past 30+ years. In today’s market securing your equity partner and locking in construction costs are key to a successful project. We can save you time and money by providing financing to start construction sooner. Simply put, we will get the job done for you!
- Standardized loan documents for most syndicators
- Work directly with decision makers for fast approvals
- We go where you go nationwide both rural & urban
- We tailor loans to what is needed to get the project completed on time and on budget
- Construction Loan Guidelines:
- All loan amounts are considered
- Rates & terms are fully negotiable, terms are typically 12 – 24 months
- Competitive closing costs with in-house documentation to minimize legal fees
- Fast loan closings in 2 – 6 weeks with all required docs (Appraisal, ALTA survey, and title insurance generally determine the number of days to close)
- Flexible, allowing time for stabilization and rent up
- Mini-perm loans are also available