Limits

Limits. The loan cannot be used to refinance existing debt, (except for Eligible Costs of the Project incurred subsequent to the date of inducement such as a construction loan), and shall not exceed ninety percent (90%) of the fair market value of the real and/or personal property acquired or constructed with the loan proceeds as determined by certified appraisal. The loan will be secured by a first mortgage lien on the Project and a direct pay letter of credit.