Do you want to make some important structural changes or new installations in your building that will help to improve energy efficiency or make it more resilient against possible damages? Then you should consider opting for PACE financing as it is probably the best option for you to finance all the changes that you are planning to implement in the building. By discussing your requirements with one of the PACE financing companies in Oklahoma, you can decide on a loan package that is right for you.
Distinct features of commercial PACE loans
Commercial PACE financing is different in multiple ways from traditional loans. For instance, they are repaid through property tax assessments. In other words, borrowers do not have to make payments every month but they have to do so only when the property taxes have to be paid. Additionally, the property assessment stays with the property and is not associated with a particular person. Thus, if you ever decide to sell the property, the responsibility of making the payments will shift to the new owner, unless you make the payments before transferring the property rights.
Another notable feature of PACE financing is that it is a long-term loan agreement and may stretch up to around 30 years, depending on the nature of the program. They also have a fixed rate and are essentially non-recourse loans. The rate of interest for these loans is cheaper than standard mezzanine loans.
Advantages of PACE loans
Commercial property owners prefer to opt for PACE loans in Oklahoma because they provide a range of benefits that are not found in other types of loans. Here are some reasons why PACE loans are so popular.
- The C-PACE loans can be used to cover 100% of the costs associated with the property development and upgrading. You do not even have to make any upfront payments to become eligible for this type of loan.
- Since the tenure of the loan lasts anywhere between 10 and 30 years, the rate of annual payments is lower than some of the other types of loans.
- As the C-PACE loans are repaid through property tax assessments, the investors feel secure that they are going to get their money back on time. Thus, they can offer loans with lower interest rates and extended repayment terms, which sit well with commercial property owners.
- The very nature of the C-PACE loans guarantees a flexible treatment of the balance sheet. Such a loan can be either an on-balance sheet or an off-balance sheet loan.
- Commercial PACE loans often offer incentives to both the property owners and the tenants. Most of the lease structures allow the benefits of cost savings and tax assessment to be shared among landlords and tenants.
Getting a C-PACE loan for your property
Going green has been a common practice among commercial property owners in Oklahoma and other parts of the United States for the last few years. A lot of the PACE programs offered in Oklahoma are managed by the government and private investors. Commercial buildings, such as multifamily units, industrial buildings, hospitality properties, senior living homes, non-profit buildings, and special purpose properties are eligible for obtaining a PACE loan.
It is important to note that the terms of the agreement for a PACE loan are going to vary depending on the specifics of your case and the amount that you need to apply. Hence, you should discuss that with your PACE loan provider.
Conclusion
The simplicity of getting a PACE loan in Oklahoma has already encouraged numerous commercial property owners to come forward and make eco-friendly changes to their properties. So if you have not yet implemented changes to make your property energy efficient and green, it is high time that you do so with a PACE loan.
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