The Jumpstart North Philly West Loan Program provides financial resources for the acquisition and construction of residential and mixed use properties in North Philly West, loans that often cannot be obtained from financial institutions. The Loan Program is available to both experienced and novice developers but novice developers are encouraged to first participate in the Training Program.
Download a Jumpstart North Philly West Loan Program Handout for additional information.
Due to higher than expected demand and a lot of loan funds committed we’ve modified our lending boundaries. After research and receiving lots of input our lending area now includes the area bound Bounded by Allegheny Ave to the North, 13th street to the East, Susquehanna to the South, and Martin Luther King Jr. Drive to the West.
- Up to 85% of total cost of acquisition and construction.
- Funding will be advanced as work is completed. No construction funds disbursed at
- Take up to 9 months to buy, construct and sell/refinance (3 month extensions available).
- 1st Lien placed on property – additional collateral may be required.
- Lender’s title insurance policy required.
- Personal guarantee of borrower and spouse, if applicable, required.
- Interest only loan payments due after construction is completed.
- All fees and expenses, other than the administration fee, can be financed
- $1,500 administration fee – up to 4 inspections (Each additional inspection is $250).
- Cost to extend loan for each additional 3 month period – 2% of total loan amount.
- All expenses are the responsibility of the borrower (legal, environmental, title, recording, transfer tax, etc.)
- Legal fees – $250 if mortgage and promissory note templates are used, actual cost if legal negotiations are required
- 7-9% Annual Interest
- 2% Loan Commitment Fee