The Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL) offer billions for green solutions such as heat pumps, solar panels, energy storage, and weatherization in underserved communities. TBL Fund has been working to leverage our financing services with these funds to support green projects for multifamily affordable housing (MFAH) properties and other disadvantaged communities (DACs). Many of the IRA/BIL incentives only reach applicants’ hands after their projects have been completed and verified. However, we offer a solution that can get projects off the ground: the Bridge Loan.
This product helps our customers cover upfront costs for projects. TBL Fund works with customers to develop their project scopes and identify all available financial resources. We then issue the loans based on the rebates, incentives, and tax credits the projects are expected to receive. Our loan terms span 6-36 months and the process for securing a Bridge Loan is simple and straightforward:
- Pre-qualification: Fund will initially review three years of financial data provided by the stakeholders to determine eligibility.
- Documentation: The applicant will provide important financial documents such as proof of income, 3-years of tax returns, and current mortgage details (if applicable), among other items.
- Underwriting: The applicant’s property will undergo a technical assessment, appraisal, and potentially inspection to determine the current and anticipated value after the upgrades. In addition, TBL Fund reviews the applicant’s financial situation to make sure that loan terms work for both parties.
- Approval & Funding: TBL Fund will finalize repayment schedules and interest rates with loan approval. After this, we will disburse funds to the customer.
We recently closed on loans for three multifamily properties in New Mexico. These properties—Via Apartments, Candelaria Gardens, and Tucson Apartments—all needed various energy efficiency upgrades which were eligible for rebates and tax credits. TBL Fund issued $556,000 in Bridge Loans, which will be repaid largely by the aforementioned incentives. With TBL Fund’s help, these projects are saving nearly $20,000 in annual utility costs and 734 gallons of water annually (in a region where water preservation is critical). Learn more about this project and TBL Fund’s impact here.
We recently closed on loans for three multifamily properties in New Mexico. These properties—Via Apartments, Candelaria Gardens, and Tucson Apartments—all needed various energy efficiency upgrades which were eligible for rebates and tax credits. TBL Fund issued $556,000 in Bridge Loans, which will be repaid largely by the aforementioned incentives. With TBL Fund’s help, these projects are saving nearly $20,000 in annual utility costs and 734 gallons of water annually (in a region where water preservation is critical). Learn more about this project and TBL Fund’s impact here.