Construction Project Funding
$10M +, Debt, Equity, Lines of Credit
DEBT PROGRAM
As a direct fund, we often receive several projects per month, and only the best of the best will receive straight debt offers to fund. You must demonstrate that your project is carefully planned and conceived as well as that you have the confidence to have invested your own funds prior. All funding programs require a cash down payment at closing by a borrower or third-party investor, arranged by the borrower or us. We do not fund 100%, and most debt programs will fund a maximum of 70% to 80% LTC. Ascension works with CPACE, Tax Credits, Ground Leases and various Bridge/Mezz funds to assist clients with down payment, as needed.
JOINT VENTURE PROGRAM
Ascension will utilize it’s private funding to directly invest in joint-venture projects from 50% and up, becoming a JV partner. A lender funding your project will require you to demonstrate financial reserves or an ability to complete the project in the event costs increase or sales decrease from the projections you provide. As your joint-venture partner, Ascension will fund from 75% to 90% loan to costs. Joint venture programs typically extend the term of the loan, reduce or eliminate interest, and international mixed-use resorts-Ascension will fund end-unit buyer mortgages for condominiums, vacation homes, villas, etc.
LINES OF CREDIT
We’re pleased to offer lines of credit for developers with groups of projects that we believe are credit-worthy.
INTEREST ONLY
Interest-only funding is most often advantageous for projects that are not longterm holds, or being sold, and eliminates the potential need of having to sell units to pay off the loan, which would typically have a 2-5-year term.