What kind of evidence is needed for the Borrower’s equity contribution/other loan?
• If the Borrower has another lender contributing in the project, PENNVEST will need evidence that that other loan has closed, prior to the PENNVEST Loan Closing. If Borrower has CDBG/DEP/DCED money in the project, PENNVEST will need a copy of the respective approval letter. If the Borrower is contributing their own funds to the project, PENNVEST will need a bank statement or some evidence that shows those funds are available to the Borrower.
