Sample Permanent Lender Letter Of Intent/commitment printable pdf download

Sample Permanent Lender Letter Of Intent/commitment

APPENDIX E

Sample Permanent Lender Letter of Intent / Commitment

Attn: Low Income Housing Tax Credit Program

The undersigned (“Lender”) hereby makes the following representations to induce the N.C.

Housing Finance Agency to reserve to _________________________ (“Applicant”) Low Income

Housing Tax Credits for the development located at or to be located at

_________________________, known as or to be known as _________________________, and

consisting of or to consist of _____ units (“Development”):

1. The Lender has issued a letter of intent (“Letter”) to Applicant to provide permanent

financing in the amount not to exceed $__________ (the Loan amount).

2. The Letter does not contain any conditions which are not customary and reasonable for

loans of this nature and amount and which are not reasonably expected by the Lender to be

met at the time of loan funding.

3. The loan, if made, shall have a term of at least _____ years, at a fixed interest rate of _____

% or shall be indexed to __________, which is at a current rate of _____ %. There shall be

no balloon payments due for at least 15 years.

4. The amortization period of the loan shall be _____.

5. The anticipated security interest of the Lender shall be (fee simple, leasehold) and a

__________ position.

6. This Letter of intent shall be valid until __________.

7. The total amount of fees associated with permanent financing (i.e. origination) are

$__________. The Lender understands that the Agency needs this information to

determine the Development’s eligible basis.

________________________________

Name of Lender

By: _______________________________

Sample Permanent Lender Letter Of Intent/commitment