Pleasantville, NY (PRWEB) September 05, 2013
PACE provides 100 % financing for energy efficiency, renewable energy, and, in some states, water conservation upgrades that can be repaid over a period of up to 20 years. Commercial PACE programsare initiated by state and local governments and use a senior lien property tax based assessment mechanism for repayment. An existing mortgage lender’s support is sought for PACE projects because of the senior lien placement on the property.
PACENow is pleased to release the Lender Support Handbook, a toolkit for PACE borrowers and program administrators who seek support from an existing mortgage lender for a PACE project.
The Handbook has been designed to provide information that will allow an existing lender to recognize the value proposition of a PACE funded project and accommodate an important request from a customer. It contains consent template forms, broad information regarding the PACE marketplace, data on previously provided lender consents, and suggestions for how to gain the support of a building’s existing mortgage lender for a PACE project.
To date, over 35 lenders have already recognized the value of PACE and approved more than 80 PACE financed projects totaling nearly $15 million. Given the expected growth in PACE transaction volume nationally, some lenders are creating a formalized review process for PACE requests, backing the creation of standardized data and forms, and providing ongoing input for this Handbook. Read full press release.