PIDC Commercial Mortgage Loan

by PIDC
February 23, 2022

Categories: News,

The Commercial Mortgage Loan was developed out of a capital need that PIDC identified for small businesses and nonprofits to purchase their existing locations and benefit from investment in their growing neighborhoods and commercial corridors. By allowing businesses to gain ownership of their physical asset, the Commercial Mortgage Loan helps to build wealth for entrepreneurs and promote neighborhood stability.

Designed to support small businesses and nonprofits that need financing to purchase buildings that they either currently occupy or intend to relocate to, PIDC’s Commercial Mortgage Loan is targeted to small and midsize businesses owned or controlled by minorities, women, immigrants, veterans, LGBTQ+ people, or other disadvantaged populations. 

Loan Amount: $50,000 to $750,000

Term: 5, 10, or 15 year term with a max amortization of 25 years

Interest Rate: Fixed rate – approximately 5.5% based on current interest rates. Interest rate review in year five for longer term loans

Uses:  commercial property acquisition, construction, and renovation

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FEATURED CLIENTS

PIDC piloted this product in 2018 with two great neighborhood businesses. Since then, the program has expanded to include a multitude of diverse businesses and nonprofits. Here are a few of their stories.
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LUHV Food LLC 

LUHV Food LLC is a woman- and Hispanic-owned manufacturing company dedicated to producing 100% nutritional vegan foods. The company has a vegan deli in Reading Terminal Market, wholesale in various stores, two storefronts, and is now further expanding with the help of PIDC’s Commercial Mortgage Loan.
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Custom Arts Studio 

Custom Arts Studio is an award-winning, woman-owned company in Philadelphia specializing in custom art and design. The business is expanding from a studio-based operation to a 20th century Victorian property in Germantown. PIDC’s Commercial Mortgage Loan is assisting with the acquisition and renovation of the property. The Germantown ArtHaus, a nod to the early 20th Century German Bauhaus design school and Germantown’s German roots, will be housed in the new location. It is a creative hub with an art cafe, artist studios, and commercial office space for the creative community.
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Eatible Delights Catering 

Eatible Delights Catering is a Black-owned full service, off-premise catering company that specializes in classic cuisine with a modern flair. With the help of PIDC’s Commercial Mortgage Loan, the owner, David Simms, was able to purchase a building on Wadsworth Avenue where the business relocated in November 2019.
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Learn more about the Commercial Mortgage Loan and submit an inquiry to PIDC.
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