Unlike many government sponsored programs or green efficiency programs, Commercial PACE has easily-attainable standards and requires no significant upfront costs. PACE requirements do vary by state. The team at Stonehill PACE has expertise in all PACE programs nationwide.
Typical PACE Eligible Improvements Include:
The Stonehill PACE Process – A Turnkey Solution
Lender Consent
In most cases, the first step in obtaining approval for PACE funding is to achieve the consent of the lender. Because Stonehill PACE is a direct lender, we can provide you with fast response times to allow you to make the most appropriate arrangements for your construction loan. We will work with your preferred construction lender or bring alternative sources of construction financing to the deal.
Commercial PACE Documentation Parameters
At Stonehill PACE, we will help you get your documentation in order to apply for PACE funding. Some of the items you will require include the following:
- An appraisal of the value of your property after your project is completed
- A Phase I Environmental Report
- A title report
- An Energy Engineering Report
- Mortgage loan documentation
- Three years of historical or projected operating financial statements
- Documentation of commercial property insurance
- Copies of construction contracts
- A copy of the PACE program administrator final application
Getting Approval from PACE Districts
The team at Stonehill will manage the entire process of obtaining approvals from the Local PACE Districts and Administrators.
Typical criteria for PACE District approval includes the following:
- The property must be held with a clear title. This means that there must be no liens and no unpaid property taxes.
- The borrower must not have had any bankruptcies in the past five years.
- The savings realized by the construction project should exceed the cost of PACE assessment over the life of the loan.
- The value of the project should last for longer than the term of PACE financing.
The requirements for eligibility for PACE funding are less rigorous than most owners anticipate. Stonehill PACE Lending will provide you with the expert help you need to complete the paperwork and to make sure that you will receive the best support for your funding requirements.
To learn more about your funding options with Stonehill PACE, give our team a call today at 678-823-9313 to schedule an initial consultation with us. We look forward to the opportunity to serve you.