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Gateway Mile Loan Fund

Innovation + investment = economic success
 
With the development now underway in Elkhart’s central business district, there has never been a better time to invest in Downtown Elkhart.

If you have ever thought of investing in retail, entertainment or the restaurant business there is a great opportunity for you. Local financial institutions are working together to offer capital you need to make your dream of owning or expanding a business come true.

The Gateway Mile Loan Fund (GMLF) has been established for use in new construction, business expansion, new equipment, and building rehabilitation. The GMLF boundaries are the Main Street bridge to the north, south along Main Street to the Mishawaka Road intersection, 3rd Street serves as the western boundary, and Prairie Street to the Johnson Street Bridge to the west.
 
Burl Troyer
574-361-0809
burltroyer@icloud.com   
 
First Mortgage
Real Estate Collateral
Maximum loan amount $200,000
Max term 5 years
Max amortization 15 years
 
  • Five year fixed, 1% over prime
  • Up to 90% appraised value
  • Fees = 1% of loan plus due diligence costs (can be rolled into amount of loan)
  • 12-months interest only for projects involving major renovation
 
 
Small Business Loan
Equipment and tenant improvements
 
Maximum loan amount $50,000
Max term 5 years
Max amortization 7 years
 
  • Five year fixed, 2% over prime
  • Up to 90% loan-to-value or cost
  • Fees = 1% of loan plus due diligence costs (can be rolled into amount of loan)

Gatewaymile.com

Rate information current as of April 2018
 

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