BuildSmart is designed to meet the needs and support the capacity of developers and contractors engaged in the construction, renovation, and rehabilitation of quality, accessible owner-occupied housing in Central Indiana.
With ﬂexible terms, competitive rates, and an efficient application process, BuildSmart provides a responsible source of capital to scale the construction industry’s ability to better meet the affordable housing need in our community as part of a comprehensive economic development strategy by Renew Indianapolis.
- 12-month loan term from the ﬁrst disbursement, which can be made up to 90 days after closing, for a maximum note maturity of 15 months.
- Competitive rates starting at 5%, depending on underwriting
- Up to 75% Loan-to-Value ratio depending on underwriting, reducing the amount of equity needed up-front
- Interest-only payments available
- Flat fees
- Apply for funding of multiple properties in a single application
SPECIAL PRICING INCENTIVES AVAILABLE FOR BORROWERS WHO ARE
- Creating homes with sale prices affordable to buyers at or below 80% Area Median Income (AMI) levels
- Women, minority, disabled, and/or veteran-owned businesses
- Purchasing or developing Renew Land Bank properties
- Working in neighborhoods with less than 50% owner-occupied housing or speciﬁcally identiﬁed by local government or other stakeholders as needing focused housing investment