Bridge Loans Can Unlock Your Property’s Energy Efficiency Potential
In the rapidly evolving landscape of green energy, timing is everything. The current influx of investment tax credits and incentives under the Inflation Reduction Act (IRA) presents an opportunity for multifamily affordable housing, disadvantaged, and Tribal communities to implement solar and energy efficiency upgrades. However, these financial benefits often arrive after project completion, posing a significant barrier to entry for many. Many communities and property owners are then bound: They need upfront funding to receive once-in-a-lifetime rebates and tax credits that could expire in the next several years. Triple Bottom Line Foundation (TBL Fund), a 501c3 nonprofit Community Development Financial Institution, recognizes this challenge and offers an innovative financial solution: The Bridge Loan.
A Bridge Loan from TBL Fund is designed to bridge the gaps between project conception, the need for initial funding, and the receipt of rebates, incentives, and tax credits after a project is complete. TBL Fund has a proven track record of funding projects through Bridge Loans. Recently, TBL Fund closed a $556,000 Bridge Loan for three properties in Albuquerque, New Mexico, enabling them to undertake essential energy efficiency upgrades such as attic insulation, LED lighting, and smart thermostat installations, among others. The loan covered necessary construction expenses until utility rebates and other incentives were made available, effectively managing the cash flow challenges and ensuring the timely completion of projects. With 632 residents served, the project resulted in $19,733 annual utility cost savings and 109,180 kWh saved annually. See the full case study here. In short, TBL Fund’s Bridge Loans are leveraged against these utility rebates, tax incentives, etc., and give you the money you need now. The funds tied up in project completion then pay for the loan quickly and hassle-free.
With flexible loan terms ranging from 6 to 36 months and highly competitive rates, these loans are tailored to meet the needs of underserved communities. TBL Fund ensures minimal upfront costs and rapid processing times, allowing projects to kick off without delays. In addition, the Bridge Loan program offers comprehensive technical assistance, from helping define the scope of a given project to ensuring that rebates, tax credits, incentives, and other available financial opportunities are maximized.
Applying for a Bridge Loan with TBL Fund is straightforward. You can schedule a free consultation with TBL Fund’s customer solution specialists, who will guide you through every step of your project, from the application to identifying qualifying incentives. This personalized service ensures that you face the lowest possible out-of-pocket expenses.
Repayment of the Bridge Loan is equally straightforward. Once your project receives the expected rebates and tax credits, these funds are typically enough to repay the loan, making it a financially responsible choice for communities and developers.
Don’t let funding delays block your path to sustainability and energy efficiency! Contact TBL Fund today to learn more about Bridge Loans and turn your green initiatives into reality sooner than you think.