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Program Overview
The Building Fund provides no-interest development loans to residential developers of African descent who are building in Detroit. Our goal is to support equitable development that strengthens communities and creates generational wealth.
This program recognizes that access to affordable capital is one of the biggest barriers to real estate development, especially for developers from underrepresented communities.
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8425 W. McNichols Rd, Detroit, MI 48221
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Program Overview
The Building Fund provides no-interest development loans to residential developers of African descent who are building in Detroit. Our goal is to support equitable development that strengthens communities and creates generational wealth.
This program recognizes that access to affordable capital is one of the biggest barriers to real estate development, especially for developers from underrepresented communities.
Program Overview
The Building Fund provides no-interest development loans to residential developers of African descent who are building in Detroit. Our goal is to support equitable development that strengthens communities and creates generational wealth.
This program recognizes that access to affordable capital is one of the biggest barriers to real estate development, especially for developers from underrepresented communities.
Loan Terms
Interest Rate
0%
No interest, ever.
Repayment Terms
5 years
Flexible repayment structure
Payment Structure
First payment due 3 months after closing
Partial payments during construction phase
Full monthly payments begin upon project completion or 1 year after closing, whichever comes first
Loan Terms
Interest Rate
0%
No interest, ever.
Repayment Terms
5 years
Flexible repayment structure
Payment Structure
First payment due 3 months after closing
Partial payments during construction phase
Full monthly payments begin upon project completion or 1 year after closing, whichever comes first
Draw Process
Segment 1
33%
Initial disbursement at
loan closing
Segment 2
33%
After inspection and milestone completion
Segment 3
34%
Final disbursement upon
inspection
Draw Process
At Closing
33%
Initial disbursement at
loan closing
Segment 1
33%
After inspection and milestone completion
Segment 2
34%
Final disbursement upon
inspection
Developer Requirements
Personal and business credit reports
Collateral (investment property)
Detailed scope of work
Project pro forma
Construction schedule
Proof of funds beyond loan amount (personal investment required)
Required Documentation
Personal and business credit reports
Collateral (investment property)
Detailed scope of work
Project pro forma
Construction schedule
Proof of funds beyond loan amount (personal investment required)