Loan Intake

Obtaining a mortgage for a not-for-profit is a multi-tiered process.  The first steps may involve a telephone or face-to-face interview with the lender known as “The Intake.”  During the intake the lender will ask you questions about your organization to determine whether or not they can take on your project.   Keep in mind that this initial intake process does not guarantee a loan and is simply an information-gathering exercise.  This is not an approval, nor a formal application. 

Some of the questions the lender may ask include:

• How much money are you seeking and when do you need it?
• What type of loan are you interested in and under what repayment term (length) are you looking for?
• How do you plan on repaying the loan?
• What collateral do you have to secure the loan?
• What is the environmental status of the property?
• If there are environmental problems, can you afford the clean-up if it is necessary?
• Are planning to use green supplies when rehabbing?
• Do you have the support from your alderman and/or other community leaders?
• How is the financial health of your organization? How do you manage your money and do you consistently pay your bills on time?
• Who is on your Board of Directors?
• Do you have architectural renderings of the property, if applicable?

If your answers to these questions and your documentation demonstrate that your organization has the capacity to undertake the project, the lender will ask you to submit an official application with supporting documentation.  Keep in mind that your space project may not fit the parameters of all lenders, so be prepared to shop around. Some lenders may even point you to other organizations or lenders that can specifically finance your space if they cannot.