What We Do



EMERGING DEVELOPERS
Forward Community Investments' Emerging Developer Loan Program (EDLP) intends to reduce racial and socioeconomic disparities by growing the financial capacity of emerging developers - people of color and women - to develop real estate projects and transform neighborhoods across Wisconsin.
Eligible Participants
Real estate developers considered eligible include:
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People of color and women who don’t have access to loans from traditional financial institutions
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Graduates of the Associates in Commercial Real Estate (ACRE) program and/or the WHEDA Development Training program
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New developers who have engaged in educational training, or worked in allied industries, to expand their knowledge and skills in real estate development
Program Benefits
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Allows for-profit developers who would not normally qualify for FCI loans to apply for funding
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Allows eligible projects outside the parameters of FCI’s traditional loan products
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Technical assistance available from FCI's experienced lending team
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Connection to a network of len,ders and technical assistance providers committed to supporting emerging developers of color
Eligible Projects
Projects must be Wisconsin-based and meet one or more of the following criteria:
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Stimulate and encourage community stabilization/revitalization
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Increase the supply and improve the condition of affordable housing
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Support the growth needs of new and existing community-based enterprises that promote economic stability or improve the supply or quality of job opportunities
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Assist social service agencies that provide programs for low-income or under-served populations
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Promote wealth creation, including market-rate projects in neighborhoods traditionally not served by real estate developers
Program Features
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Pre-development, construction,, and bridge loans
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Pre-development loans up to $200,000
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Construction/bridge loans up to $600,000
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Loan terms from six to thirty-six months, depending on the use of loan proceeds
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In the case of for-profit developers, final loan repayment is expected to come from permanent financing or a conventional loan offered by a standard financial institution
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Low fixed interest rates: dependent on the project risk, type of loan, and the experience of the developer
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Flexible collateral
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The ability to bridge many types of receivables (tax credits, grants, developer fees)
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Loan-to-value ratios as high as, 90% and amortizations up to 30 years
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No prepayment penalties
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For-profit developers will be required to provide a personal guaranty
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In some cases, a borrower may be asked to work with a seasoned developer or professional services consultant who can offer expertise, and advice throughout the different phases of project development
Eligible Expenses
Pre-development Loans
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Earnest money and/or purchase deposit
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Building inspection and environmental reviews
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Appraisal and survey
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Title and recording fees
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Site preparation, demolition and stabilization
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Interim maintenance and project overhead
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Property taxes and insurance
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Construction bonds and/or letters of credit
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Market and feasibility studies
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Professional fees
Construction/Bridge Loans
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Land and/or building acquisition
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Construction-related expenses
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Developer and contractor fees
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Site preparation and demolition
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Financing fees (title and recording)
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Professional fees
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Carrying costs
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Project reserves
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Leasehold improvements and equipment purchase
To talk to someone about our Emerging Developer Program contact:
lendingservices@forwardci.org