In support of our mission to revitalize and strengthen underserved neighborhoods, we recognize a key component of that is focusing on commercial properties that can drive community development. To that end, we provide three different commercial loan opportunities to our partners and clients:
The BCL Commercial Multi-Family Loan Program is an exceptional financing opportunity for experienced developers (including non-profits) and individual investors with a vision to rehabilitate specific properties in a single project in low- and moderate-income neighborhoods. Designed for properties with a variety of potential uses, commercial multi-family loans are one of the best financing options for small- to medium-sized real estate development projects. This product can be an acquisition-construction loan or a construction/mini-perm loan.
Property Type:
Rental apartments, single home for rental or home ownership or mixed-use commercial (storefront with rental units above).
Restrictions:
Rehabilitation is required (minimum $25,000 per unit).
The BCL Commercial Property Loan provides funding at an attractive rate for businesses that own or are purchasing the property in which they are located and operating. It can be used for acquisition, construction, and equipment. Commercial property loans are available to for-profit and not-for-profit organizations, including community facilities.
Property Type:
Commercial and mixed-use commercial/retail buildings (storefront or storefront with rental units above).
Allowable Uses:
Retail, office, service establishments, or other commercial use including second/third floor residential rental apartments. Furniture, fixtures, and equipment may be included in the BCL loan. Financing inventory is not an eligible use for this product.
The BCL Subordinate Financing Loan Program is for experienced developers (including non-profits) and individual investors with plans to rehabilitate properties in a single project in low- and moderate-income neighborhoods where a financing gap exists. Designed for properties with a variety of potential uses, the subordinate financing loan program is for small- to medium-sized real estate development projects. This product can be used as an acquisition-construction/perm loan.
Property Type:
Rental apartments, single homes for rental, commercial buildings, community facilities or mixed-use commercial (storefront with rental units above).