TOPA Earnest Money Deposit
The TOPA Earnest Money Deposit Loan is offered in partnership by the Institute for Community Economics and City First Enterprises. The loan provides D.C. tenant associations affordable and risk free capital to cover the critical first step of the tenant purchase process, the earnest money deposit on their building.
- Size of Loans: up to $500,000
- Term of Loan: Up to 12 months
- 1% upfront fee (based on deposit amount)
- 40 basis point fee upon successful acquisition (based on acquisition price and assumes 5% deposit)
- No fees or interest are due if Tenant’s or their assignees fail to purchase property
- No payments due during loan term
- Security: Pledge of fully refundable Earnest Money Deposit.
For more information about NHT Lending, please contact the lending team.