Photo courtesy of UMEZ. Banner photo by Rosemary Santos.
Our loans generally fall into two categories:
These loans are for small business formation and/or expansion to create local wealth and economic vitality for Upper Manhattan. These loans may be senior or subordinated financing, depending on other sources of capital for the project, and are set at below-market fixed interest rates, with flexible maturity terms based on the cash flows, job generation, and level of collateral for the project.
COMMERCIAL REAL ESTATE DEVELOPMENT LOANS
These are real estate secured loans for large commercial development projects that can serve as catalysts for job creation and transform the physical landscape of our community. The Upper Manhattan Empowerment Zone Development Corporation (UMEZ), provides subordinated debt financing on flexible terms; sizing is based on the level of jobs created and overall economic return for the project. Loans may be used for construction financing. Preference is given to projects where a senior lender has already been identified for the project.
