Preliminary Loan Requirements:

• Developers of African descent working on residential projects in Detroit.

• At least one year of experience in development or a relevant real estate certification from an accredited institution, or an alum of BCV or Capital Impact.

• A maximum loan amount of $150,000.

• Developer’s office and project must be within the city of Detroit.​

 

Terms:

• 0% Interest

• No hidden fees 

• Loan Term: 5 years

• First Payment: Due 3 months after loan closing

• Repayment Structure: 25% of the set monthly payments during construction, with full payments starting upon project completion or 1 year after closing (whichever comes first).

• Draw Process:

  • 33% of the loan amount issued at closing.

  • Another 33% issued upon completion of the first construction segment, after inspection by BLD.

  • The remaining 34% released after the second segment’s completion and inspection.​

 

Required Documentation:

• Proof of funds to cover project costs exceeding the loan amount.

• Personal and business credit history.

• Collateral (must be investment property).

• Scope of work, proforma, and construction schedule.

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The Building Fund is part of our commitment to ensuring equitable development in Detroit by supporting those who know the community best.

 

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