JumpstartGtown_logo_v3_tagJumpstart Germantown Loan Program

“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.]

Loan Program

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 Mentoring Program.

Download a Jumpstart Germantown Loan Program Handout for additional information.

Loan Details

  • 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.
  • Title insurance 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.

Cost Details

  • $1,500 administration fee – up to 4 inspections (Each additional inspection is $250).
  • Cost to extend loan for each additional 3 month period – 1% of initial loan amount.
  • All expenses are the responsibility of the borrower (legal, environmental, title, recording, transfer tax, etc.)
  • Legal fees – $250 if mortgage and promissory note templates are used, actual cost if legal negotiations are required
  • 6.5% Annual Interest
  • 2% Loan Commitment Fee

Loan Application Process

Loan applications are accepted anytime. After receiving your completed online application, Jumpstart Germantown staff will immediately evaluate your application and respond with any questions or concerns. You will then be contacted, usually within 24 hours, to set up a time and date to tour your proposed property acquisition and construction project.

If your loan application is accepted, you will be issued 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. 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.

Any incomplete loan applications will not be considered for funding. Loan applications must include a construction budget, estimated cost of acquisition, profit & loss statement (if buy and hold) 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.

The above terms and conditions are for informational purposes only, may change and will be superseded by other terms, conditions, and loan documents.

To apply, please complete the following: 

Application

Development Budget / Profit & Loss Statement

Please contact Angie@PhillyOfficeRetail.com for all question and inquiries or call her at (215) 247-5555 ext. 211

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