Finance PEI is offering a new multi-unit residential loan development fund to help developers, organizations, and nonprofits build more housing.
The program will have the following criteria:
- 10-year term (amortized up to 25 years) with no application fee or penalties to payout before the maturity of the loan;
- 4% interest rate;
- Up to 90% financing (80% for renovations);
- Construction for multi-units with a minimum of 4 units; and
- Cap at $4M per project.