“Doing good is a simple and universal vision. A vision to which each and every one of us can connect and contribute to its realization. A vision based on the belief that by doing good deeds, positive thinking and affirmative choice of words, feelings and actions, we can enhance goodness in the world.”
– Shari Arison
Who We Are
Jumpstart Germantown, an initiative spearheaded by Philly Office Retail to facilitate the revitalization of the Germantown neighborhood of Philadelphia through high quality residential renovations. We are working to identify fellow developers who share our interest in investing in the future of Germantown. Through mentoring, networking and providing financial resources to these developers, Jumpstart Germantown will remove blight and deteriorated properties from its residential neighborhoods, making Germantown a better place to live, work and enjoy.]
The Jumpstart Germantown Loan Program provides financial resources for the acquisition and construction of residential and mixed use properties in Germantown, loans that often cannot be obtained from financial institutions. The Loan Program is available to both experienced and novice developers but novice developers are encouraged to first participate in the Training Program.
Download a Jumpstart Germantown Loan Program Handout for additional information.
Due to higher than expected demand and a lot of loan funds committed we’ve modified our lending boundaries. After research and receiving lots of input our lending area now includes the area bound by W Cheltenham Avenue (southwest side of the street only), N Broad Street (west side), W Erie Avenue (north side), Wissahickon Avenue (east side), Lincoln Drive (east side), Mt. Airy Avenue (southwest side) to Stenton Avenue (northeast side) and Ivy Hill Road (southeast side). You can download a map of the lending boundaries.
- Up to 85% of total cost of acquisition and construction.
- Funding will be advanced as work is completed. No construction funds disbursed at settlement.
- Take up to 9 months to buy, construct and sell/refinance (3 month extensions available).
- 1st Lien placed on property – additional collateral may be required.
- Lender’s title insurance policy required.
- Personal guarantee of borrower and spouse, if applicable, required.
- Interest only loan payments due after construction is completed.
- All fees and expenses, other than the administration fee, can be financed.
- $1,500 loan commitment fee – up to 4 inspections (Each additional inspection is $250).
- Cost to extend loan for each additional 3 month period – 2% of total loan amount.
- All expenses are the responsibility of the borrower (legal, environmental, title, recording, transfer tax, etc.)
- Legal fees – $275 if mortgage and promissory note templates are used, actual cost if legal negotiations are required
- 7.50% Annual Interest
- 2% Loan Fee
Loan Application Process
Loan applications are accepted anytime. After receiving your completed online application, Jumpstart Germantown staff will evaluate your application and respond with any questions or concerns. You will then be contacted, usually within 24-48 hours, to set up a time and date to tour your proposed property acquisition and construction project.
If the property is not yet under contract we can issue a pre-approval letter if the application is accepted. Please note all pre-approvals require an application and 24 hours.
If your loan application is approved, we will issue a Letter of Commitment which you must sign within 15 days and return to the Philly Office Retail office with your $1,500 Commitment Fee. Before settlement we will need a lender’s title policy, proof of builders’ risk insurance and a copy of your LLC’s operating agreement (if applicable).
At loan closing, you will be asked to review and sign loan and mortgage documents in order to receive funding for your project. Any questions about this process will be answered after you submit your loan application. Please note: No construction funds are disbursed at closing. When ready you will submit draw requests and we will conduct inspections; you will receive a check or wire 3-4 days after the inspection.
Any incomplete loan applications will not be considered for funding. Loan applications must include a construction budget, estimated cost of acquisition, profit & loss statement and comparable value of similar homes in the area (comps).
The above terms and conditions are for informational purposes only. They may change, from time to time, and be superseded by other terms, conditions, and loan documents.
To apply, please complete the following:
Development Budget / Profit & Loss Statement / Comps Please note this form was updated October 15, 2018 – all previous forms are no longer valid. For your application to be evaluated you must complete this form and attach it to your application.
Please contact Angie@PhillyOfficeRetail.com for all question and inquiries or call (215) 247-5555 ext. 211