Ivy Affordable
Lending

Acquisition and pre-development capital for affordable housing

Senior bridge loans that carry a LIHTC project from site control to financial closing, and are repaid in full at the tax credit closing.

Apartment buildings under construction behind a fenced site
$2–10M
Loan size
90%
Loan-to-cost, up to
1–3 yrs
Term, plus extensions
$0
Current pay
Where We Fit

Capital for the stage banks avoid

Construction lenders and permanent lenders arrive once an allocation is awarded. We finance the months before that, then step aside at the LIHTC closing.

  1. Stage 1 · Ivy
    Pre-development
    Design, entitlements, third-party reports, HFA and bond fees
  2. Stage 2 · Ivy
    Acquisition
    Land, assemblages or existing properties ahead of recapitalization
  3. Stage 3
    Construction
    Construction loan and LIHTC equity close; Ivy is repaid
  4. Stage 4
    Permanent
    Agency, HUD or bond permanent financing at conversion
What We Finance

Four uses, one loan

Site acquisition

Land and assemblages for new LIHTC development, funded in full at closing.

Existing affordable properties

Acquisitions ahead of a tax credit recapitalization and rehab.

Pre-development

Architecture, engineering, entitlements, environmental, market study, appraisal, legal, and HFA and bond fees.

Interest reserve and closing costs

Sized into the loan so the project carries no monthly debt service.
Indicative Terms

Terms at a glance

Leverage is sized at the lesser of loan-to-cost and loan-to-value. Terms are indicative and set per deal.

Loan amount
$2,000,000 – $10,000,000
Leverage
Up to 90% loan-to-cost and 70% loan-to-value, whichever is lower
Uses
Site or property acquisition, pre-development costs, interest reserve and closing costs
Term
1–3 years, plus possible extensions tied to entitlement and financing progress
Interest
Fixed rate, paid from a funded interest reserve; no monthly debt service. Pricing set per deal.
Repayment
Interest-only; repaid in full from LIHTC closing proceeds
Collateral
First lien on the property, plus assignment of plans, permits, entitlements and HFA applications
Recourse
Payment guaranty from sponsor principals; steps down once equity and construction financing are committed
Draws
Monthly against an approved budget; funded within 7 business days of a complete request
Eligible projects
4% LIHTC with tax-exempt bonds and 9% LIHTC: new construction, acquisition-rehab and adaptive reuse

Who we lend to

  • For-profit and nonprofit affordable housing developers
  • Emerging and non-institutional sponsors with strong local deals
  • Housing authorities and their development partners

What we look for

  • A clear LIHTC pathway: 9% competitive or 4% with bonds
  • Site readiness: zoning, environmental and utility feasibility
  • A credible development team and allocation timeline
How It Works

From submission to repayment

  1. 01
    Submit
    Project summary, budget and sponsor package
  2. 02
    Screen
    Sizing review and a non-binding term sheet
  3. 03
    Underwrite
    Appraisal, environmental, title and credit approval
  4. 04
    Close and fund
    Acquisition at closing, then monthly draws
  5. 05
    Repay
    In full at the LIHTC closing

What to send

Project summary, site and unit mix
Development budget and sources & uses
Sponsor experience and financials
LIHTC pathway and allocation timing
More Than a Loan

One relationship from site to closing

Ivy Cap Affordable also syndicates LIHTC equity. Our loans include a right of first refusal to match any tax credit equity offer, so you can compare our pricing against the market and keep one partner through the capital stack.

  • Higher leverage. Up to 90% of cost means less of your own capital tied up before closing.
  • Built around the closing. Term and milestones track the LIHTC calendar, not a bank's.
  • A lender who knows credits. We underwrite your takeout from the inside.

Terms are indicative and not a commitment to lend. Any loan is subject to credit approval, satisfactory due diligence and executed loan documents.