Is it possible to begin a project using interim financing and/or a commercial loan and then apply to HHAC to pay off the existing debt and complete the project?
Yes, it is possible for HHAC to pay down a commercial loan or mortgage. However, please remember that HHAP funds are awarded on a competitive basis, so there is no guarantee that submitting an application will result in funding. Therefore, nonprofit agencies are strongly discouraged from assuming debt that they would not otherwise be able to carry absent HHAP funding.
Related Questions
- Is it possible to begin a project using interim financing and/or a commercial loan and then apply to HHAC to pay off the existing debt and complete the project?
- Can commercial mortgage holders force mortgagees to pay interim mortgage payments during the pendency of proceedings or else vacate the premises?
- When does a developer/business need a commercial real estate loan versus a business loan for project financing?
