As a mission-based lender focused on expanding the supply of affordable housing in the City of Philadelphia, PAF aims to fill gaps in the market wherever possible to make quality development projects happen. This can mean providing early predevelopment and acquisition debt, as well as subordinate project financing designed to “de-risk” transactions for senior, first mortgage lenders. PAF prioritizes keeping interest rates affordable, fees manageable, and processes efficient.
Used to finance predevelopment expenses, typically including architectural, engineering, geotechnical, environmental, legal, and other soft costs
• Loans of up to $500,000
• Term of up to 36 months, interest-only
• May be used to finance LIHTC-eligible multi-unit rental projects as well as for-sale affordable homeownership projects
Used to purchase land or structures, and may also cover certain predevelopment expenses
• Loans of up to $2,000,000
• Term of up to 36 months, interest-only
Used to finance construction expenses, typically covering between 80% and 90% of total project costs with borrower equity providing the remainder of the necessary capital
• Secured by a first position mortgage
• Loans of up to $500,000
• Term of up to 60 months, interest-only, often including a mini-permanent term-out option with long-term amortization
• May be used as an alternative to ‘hard money’ or other high-interest rate debt for smaller rehabilitation projects
The Subordinate Loan finances acquisition, construction, and other project expenses, typically covering 20% to 35% of total costs
• Secured by a second-position mortgage behind a senior lender, such as a bank or another CDFI
• Loans up to $2,000,000
• Terms up to 84 months, interest-only, with a potential mini-permanent term-out option and long-term amortization
The Bridge Loan covers short-term project financing gaps, typically for expenses that will be reimbursed by a grant
• Loans of up to $2,000,000
• Term of up to 24 months, interest-only
As a mission-based lender focused on expanding the supply of affordable housing in the City of Philadelphia, PAF aims to fill gaps in the market wherever possible to make quality development projects happen. This cane mean providing early predevelopment and acquisition debt, as well as subordinate project financing designed to “de-risk” transactions for senior, first mortgage lenders. PAF prioritizes keeping interest rates affordable, fees manageable, and processes efficient.
Used to finance predevelopment expenses, typically including architectural, engineering, geotechnical, environmental, legal, and other soft costs
• Loans of up to $500,000
• Term of up to 36 months, interest-only
• May be used to finance LIHTC-eligible multi-unit rental projects as well as for-sale affordable homeownership projects
Used to purchase land or structures, and may also cover certain predevelopment expenses
• Loans of up to $2,000,000
• Term of up to 36 months, interest-only
Used to finance construction expenses, typically covering between 80% and 90% of total project costs with borrower equity providing the remainder of the necessary capital
• Secured by a first position mortgage
• Loans of up to $500,000
• Term of up to 60 months, interest-only, often including a mini-permanent term-out option with long-term amortization
• May be used as an alternative to ‘hard money’ or other high-interest rate debt for smaller rehabilitation projects
The Subordinate Loan finances acquisition, construction, and other project expenses, typically covering 20% to 35% of total costs
• Secured by a second-position mortgage behind a senior lender, such as a bank or another CDFI
• Loans up to $2,000,000
• Terms up to 84 months, interest-only, with a potential mini-permanent term-out option and long-term amortization
The Bridge Loan covers short-term project financing gaps, typically for expenses that will be reimbursed by a grant
• Loans of up to $2,000,000
• Term of up to 24 months, interest-only
Read Core Values
Meet Our Team
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As a mission-based lender focused on expanding the supply of affordable housing in the City of Philadelphia, PAF aims to fill gaps in the market wherever possible to make quality development projects happen. This cane mean providing early predevelopment and acquisition debt, as well as subordinate project financing designed to “de-risk” transactions for senior, first mortgage lenders. PAF prioritizes keeping interest rates affordable, fees manageable, and processes efficient.
Used to finance predevelopment expenses, typically including architectural, engineering, geotechnical, environmental, legal, and other soft costs
• Loans of up to $500,000
• Term of up to 36 months, interest-only
• May be used to finance LIHTC-eligible multi-unit rental projects as well as for-sale affordable homeownership projects
Used to purchase land or structures, and may also cover certain predevelopment expenses
• Loans of up to $2,000,000
• Term of up to 36 months, interest-only
Used to finance construction expenses, typically covering between 80% and 90% of total project costs with borrower equity providing the remainder of the necessary capital
• Secured by a first position mortgage
• Loans of up to $500,000
• Term of up to 60 months, interest-only, often including a mini-permanent term-out option with long-term amortization
• May be used as an alternative to ‘hard money’ or other high-interest rate debt for smaller rehabilitation projects
The Subordinate Loan finances acquisition, construction, and other project expenses, typically covering 20% to 35% of total costs
• Secured by a second-position mortgage behind a senior lender, such as a bank or another CDFI
• Loans up to $2,000,000
• Terms up to 84 months, interest-only, with a potential mini-permanent term-out option and long-term amortization
The Bridge Loan covers short-term project financing gaps, typically for expenses that will be reimbursed by a grant
• Loans of up to $2,000,000
• Term of up to 24 months, interest-only
Read Core Values
Meet Our Team
View Loan Options
• Underwrites the project, not the borrower
• Offers flexible loan products
• Requires no minimum investment size
• Evaluates loans with an impact score
• Uses income approach for appraisals
• Reduces collateral requirements
• Provides below-market interest rates
• Keeps fees low
• Lends at an above average loan-to-value ratio
• Allows early repayment without penalty
• Provides support services for developers