At Century Housing Corporation, our commitment to housing development starts at the beginning. Our specialized acquisition loans empower developers to purchase their ideal site, either land or an existing property. Bridge loans support predevelopment expenses, with terms similar to acquisition loans.
Discover how Century Housing can provide the financial foundation for your development.
| Loan-to-Value | Up to 100%. Century typically provides loans at 90% LTV (lesser of appraised value or purchase price) with consideration for higher leverage depending on location, experience, market dynamics, and availability of special funding sources like the Golden State Acquisition Fund. |
| Eligible Uses | Loan proceeds may be used for the acquisition of land, existing developments conforming with Century’s affordability guidelines, adaptive reuse developments, and predevelopment expenses. |
| Loan Amount | $1,000,000 to $50,000,000 |
| Origination Fee | 1.0% to 2.0% depending on loan size. |
| Interest Rate | Variable or fixed |
| Loan Term | Up to 5 years, including extensions; Century does not charge prepayment penalties. |
| Interest Reserve | An interest reserve will be capitalized at closing. |
| Affordability | Developments must be affordable to households earning not more than 120% of AMI. |
| Mixed-Use Projects | Mixed-use projects are eligible. |
| Borrowers | Nonprofits, for-profits, cities, counties and other public agencies within California, and joint ventures comprised of these entities, with a track record of developing affordable housing. |
| Collateral | A first deed of trust in favor of Century upon the real property being acquired. Loans are recourse. |
| Fees | Application (refundable), up to $10,000. Legal, up to $20,000. Administrative, up to $1,000. Appraisal, market price. |
| Third-Party Reports | Appraisal (Century-ordered), phase I environmental, physical needs assessment, and soils, as necessary. |
| Timing | 30–45 day closings are typical, from receipt of application fee. |
| Financial Reporting | Past 3 years of compiled or audited financial statements. |
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Century Housing Corporation is a nonprofit Community Development Financial Institution financing affordable housing development throughout California. Century Villages at Cabrillo, Inc. and Century Affordable Development, Inc. are independent nonprofit entities affiliated with Century Housing Corporation.
