Feb
09

Green Lending Picks Up Despite Credit Market Woes

By
– Commercial Property News

At a time when securing a real estate development loan is an uphill battle, ShoreBank Pacific has decided to pave the way for those builders who are dedicated to eco-friendly development. With the establishment of its new Green Building Loan Program, the bank has joined the ranks of those financial institutions that are making an extra effort to step up the support of green commercial development in the midst of the credit crisis.

“The only people who are going to build today are, one, very serious builders–no one’s building on spec unless they’re idiots–and, two, people with a fair amount of capital who are building for themselves. So if they’re doing that and they’re adding green elements to the building, we can help them get there,” David Williams, ShoreBank Pacific CEO, told CPN. The 12-year-old Washington-based bank serves the Pacific Northwest and its new green building loan program, created in conjunction with the bank’s nonprofit affiliate ShoreBank Enterprise Cascadia, offers green builders financing of up to 85 percent loan-to-value, a ratio that is hard to come by for most developers these days. ShoreBank Pacific’s partnership with its affiliate allows it to provide higher lending amounts; loans range from $1 million to $10 million.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.commercialpropertynews.com/cpn/content_display/finance/lending/e3ib2336cb7507211a2be5cc6d43c98f5de
Be Sociable, Share!
    Categories : National News

    Comments are closed.