Building Hope is excited to announce a stream-lined loan process to assist schools with securing funds to complete repairs to their buildings. The key features of this loan program include:
- Purpose: Finance property damages from Hurricane Irma
- Amount: Up to $25,000
- Rate: 2% interest only payable monthly via ACH
- Fees: None
- Term: 3 years with expectation that any excess proceeds from insurance, FEMA or hurricane related grants should be used to pay down the loans
- Collateral: None
We’ve developed an expedited process for approving these loans, and anticipate beiong able to provide a decision within 1-2 business days. Once approved, we will generate and send the closing documents. Once these documents are signed we will immediately disburse the funds.
These loans are intended to give you the ability to make any necessary repairs now, and the funds can be paid back when you receive FEMA or insurance payments. If you require more than $25,000 we will need to use a more traditional underwriting process.