Commercial Real Estate Loans
CEDF provides owner occupied commercial real estate loans up to $500,000. Real estate loans can be combined with other CEDF small business loans up to $750,000. Real estate loans are secured by a mortgage on real property to finance the purchase, development or improvement of real estate for owner-occupied property, including mixed use.
What types of owner occupied properties are eligible for a commercial real estate loan?
CEDF will consider making mortgage loans that are secured by the following types of owner occupied properties:
- Commercial / industrial
- Office buildings / office condos
- Retail properties
- Mixed-use facilities (retail / office / residential)
What are the requirements for a commercial real estate loan?
- The owner of the business applying must have been in business for 3 years or longer
- The owner must have a business located or to be located in the building occupying 51% or more (i.e. no pure investment real estate)
- Fixed interest rates with a maximum 25 year amortization
- Personal guaranty from all principals involved
How much does it cost to apply for a commercial real estate loan?
CEDF does not charge an application fee or processing fees. Once your loan is approved you may be assessed a 1% commitment fee.
How can I apply for a commercial real estate loan?
- First click here on the Loan Inquiry Form, fill out and click submit
- Then print the Commerical Real Estate Loan Application along with the applicable documents
- Complete the application. Be sure to provide all of the supporting documents needed from the checklist provided. Once you have everything done, please submit your completed application package to:
CEDF, Attention: Karen Tessman, Director of Lending, 965 East Main Street, Meriden, CT 06450
|Term Loan||Working capital (including start-ups), inventory, equipment, refinance current debt||$1,000 up to $50,000||Fixed||Up to 6 years||Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.|
|$5,000 up to $250,000||Fixed||Up to 10 years|
|Commercial Real Estate Loan||Purchase of owner occupied commercial real estate property||Up to $500,000||Fixed||Up to 25 years||Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.|
|Line of Credit||Seasonal or cyclical operating cash flow needs||$5,000 up to $250,000||Variable||Short-term financing; one year renewable||Monthly payment of interest only, only on the amount outstanding. The line revolves as you use it and repay it. No prepayment penalty.|