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EnergyLoan by Renew Financial

EnergyLoan by Renew Financial
Lender: Renew Financial
Contact Information
Website: www.energyloan.net
Phone: (888) 232-3477
Email: info@renewfinancial.com
Property Types
Program Description
Fannie Mae's Green Preservation Plus Loan helps multi-family affordable housing property owners preserve value when acquiring a new property or refinancing an existing loan. It allows property owners to borrow up to 85% of the property's value, finance property improvements, and take out cash equal to the amount of the energy and water improvements. t provides property owners with extra loan proceeds (up to an additional 5%) based on the improvements to be installed and lowers the all-in interest rate by 10 basis points (.1%). Properties must commit to report their property's Energy Star score annually.
Types of Financing
Secured
Financing & Payment Information
Term (years):
1
Minimum Amount:
$1
Maximum Amount:
$0
Fees:
None
Money Down Required:
Yes
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Renewable Energy projects
Funds Demand Response projects
Funds other energy projects - For example, some financing may be primarily for energy efficiency projects; however, it may allow 30% of the financing to fund other water efficiency or renewable projects.
Funds other energy-related projects - For example, some financing may also allow funding for projects in relation to installing the approved product, such as mold or asbestos remediation.
Funds other non-energy projects - Some financing may allow funding for non-energy projects, such as a kitchen or bath remodel, or seismic upgrades.
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
No

Financial Products

Lien type Secured loan
Re-Payment Method Off-bill loan (Direct to Lender)
Automatic payment option available N.A.
Requires utility incentive program participation No
Must use Program's pre-approved contractors No
One-time fees (% of total financing)
One-time fees (fixed)
Ongoing fees
Financing Amount $1
Financing Term (yrs.) 1 year(s)
Rate 0%
Money Down Required? Yes
Credit Enhancement Available
Transferrable No
Prepayment Penalty or Fee N.A.
Tax Deductibility Yes
Minimum Credit Score Required
Equity in Property Required Yes
Debt to Income Ratio Required Yes
Involuntary Property Liens Allowed No
Foreclosures Allowed
Bankruptcies Allowed
Mortgage Lender Consent/ Acknowledgement
Must be current on property taxes No
Must be current on mortgage Yes
Loan to value
Debt Service Coverage Ratio Yes: 0
Financing Approval Time More than 48 hours
Projected Energy Savings/Cash Flow is considered Yes
Must be current on utility bill No

Upgrades Covered

No Results

FAQ's

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