Our Borrowing Process
The application process for borrowers is straight forward and meant to alleviate obstacles. If at any point in the process you have questions, feel free to reach out to us and we are happy to help. Below is a general guideline of the application process.
We pride ourselves in our ability to finance individuals, organizations and projects that help households and communities advance their economic opportunities, attain adequate housing and live comfortably in their homes. We understand the limitations of conventional lenders, the challenges of securing early stage and gap financing for project development, and subordinate financing with flexible loan terms for our retail borrowers.
- 1Pre-Application Contact
All potential borrowers are encouraged to contact IDF prior to submitting a loan application. The pre-application discussion allows the borrower to confirm the eligibility of the project and review the information needed to ensure that the application submitted is complete.
IDF staff is available to meet with potential borrowers prior to submitting an application to discuss the proposed project and anticipated financing package.
Choose from the options below that best suit your needs and that will take you to the appropriate application. At all times, it is best practice to provide all the information requested to reduce processing time.
Applicant must submit application fee along with application for review to begin.To submit your application fee online, click here.
- 3Application Review and Approval
Staff is usually able to estimate the time needed for review and approval based on the complexity of the project, current workload and applicable lending practices.
Loan requests are underwritten and presented to Loan Committee and under certain circumstances the Board of Directors, for approval.
Following approval, a commitment letter is transmitted to the borrower detailing the terms of the loan approval. The borrower accepts the terms of the approval and returns the signed commitment letter to IDF.
- 4Closing Process
Closing arrangements are made based on the type of project and loan. Legal fees associated with the preparation of closing documents are established and paid at time of closing.