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Golden State Acquisition Fund

Century originates loans through the Golden State Acquisition Fund, a revolving $93,000,000 fund with a loan-to-value ratio of up to 100% to assist developers in the production of affordable housing in California.

Get started today using the quick qualify form or call Josh Hamilton at (310) 642-2030 to see how Century can help get your project off the ground.

Golden State Acquisition Fund Description

Loan to Value

For-Profit Borrowers: Up to 95% of the lower of the initial appraised value or the purchase price.Nonprofit Borrowers: Up to 100% of the lower of the initial appraised value or the purchase price to include an allowance for predevelopment expenses.

Eligible Uses

Loan proceeds may be used for the acquisition of land, existing affordable developments, adaptive reuse developments, and predevelopment expenses.

Loan Amount

Up to $13,950,000

Origination Fee

Up to 2.0%

Interest Rate

5.5%–6.5%

Term

Up to five (5) years, including extensions.

Affordability

Developments must be either 100% affordable to households earning not more than 60% of AMI, or consistent with the mixed-income requirements below.

Mixed-Income Projects

Mixed-income developments are eligible for financing as long as 75% or more of units are affordable. If less than 75% of the units are affordable, then the loan will equal the percentage of the units that are affordable.

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.

Financial Reporting

For-Profit Borrowers: Accountant-reviewed or compiled financial statements for two full reporting years, certified financial statements for two full reporting years for principals, and year-to-date and operating statements for the current year. Nonprofit Borrowers: Audited financial statements for three full years, and year-to-date and operating statements for the current year. Updated financial statements to be provided at least annually for borrowers, sponsors, and principals. All borrowers and guarantors shall be required to provide details regarding any unsecured debt and contingent liabilities, as requested.

Download Golden State Acquisition Fund Term Sheet (PDF)