Services: Loan Providers (Non-traditional)
Contact: Lars Kuehnow, Neighborhood Program Officer
Address: 202 W Superior St 401, Duluth, MN 55802
The Local Initiatives Support Corporation (LISC) is approved as a USDA Community Facilities (CF) Re-Lender. Loans must meet USDA requirements, but LISC will offer streamlined application processing.
Loan Types: Permanent, or construction to permanent loans
Eligibility: Nonprofits or public entities
Property/Project Type: New construction, expansion and renovation of community facilities including: health care facilities, transitional housing (including substance abuse recovery housing), educational and child care facilities, community centers, museums, libraries or public buildings, or pther essential community facilities.
Eligible Locations: Rural areas with population under 20,000; preference for high-poverty or persistent poverty areas
Loan Amount: $100,000 to $8,000,000
Interest Rate: 4.25% – 5.5%, fixed for loan term
Term: Up to 40 years, fully amortizing
Repayment: Interest only during construction; fully amortizing up to 20 year term
Loan Fees: 1% fee plus legal costs
Collateral: Real estate collateral
All loans subject to underwriting and credit approval. Terms subject to change.