factors including character, business capacity, and overall contribution of products and services
to the Rainier Valley Community.
Their loan products are designed to encourage and support real estate investment
in the Rainier Valley. The lending area is defined as south of Interstate 90 as it crosses Rainier
Avenue (northern boundary), Rainier Avenue, M L King Way South, and Boeing Access Road
- Acquisition loans for commercial property (used for business purposes)
- Renovation/Rehab loans
- Land Acquisition/ site assemblage and pre-development loans
- Subordinate and gap financing leveraged with senior institutional debt
These loans should help businesses retain or create new jobs. The businesses should provide
goods and services which are in needed for residents of the neighborhood.
These loans can be used for working capital, equipment, tenant improvements and expansion
of business premises.
Real Estate Loan Program Parameters:
Loan amounts are $100,000 to $2,000,000;
Interim short term financing is available for up to 7 years, and up to 25 year amortization or interest only
4% - 5% fixed for term of loan;
1.25% loan fee plus 3rd party costs (appraisal, environmental report, legal
Loan to Value: Up to 80%, but also subordinate financing with combined LTV of 80%
Business Loan Program Parameters:
$25,000 to $500,000;
Up to 7 years on equipment or term loans;
Can also do revolving credit lines secured by receivables;
Generally do not do unsecured lending;
Typically want lien positions on residences of business owners, security
agreements and pledges on all business assets;
5% - 6% fixed for term of loan;
1% loan fee plus 3rd party costs (appraisal if needed, legal closing costs)
The cost of the tour is $39 for REAPS members, and $59 for non-members. Space is limited, so please pre-register at the www.reapsweb.com website. For more information, please contact Wendy Ceccherelli at 425-270-7292.