Financing Parameters

Financing Parameters
  • Project Capital: $500,000 – $50,000,000
  • Loan-to-Value: PACE loan amount cannot exceed 20% of the property value if the property has an existing mortgage, or 30% without an existing mortgage
  • Project Type & Improvements: a commercial, industrial or multi-family property in need of energy-efficient improvements. See list of Eligible Upgrades.
  • Project Location: property must be located in an active PACE market
  • Energy Audit: must be completed by a qualified third-party, estimating energy efficiency savings
  • Criteria for Property Owners :
    • Property Owners cannot currently be, or in the past five years, have been delinquent on property taxes and there must be no payment defaults on the existing mortgage debt for the past three years
    • Property Owners cannot have declared bankruptcy in the past five years and the property cannot be listed as an asset in a bankruptcy proceeding
    • Property Owners must have clear title, proof of legal ownership and the ability to commit the property to a PACE assessment
  • Mortgage Holder Consent:  if there is an existing mortgage in place, the mortgage lender must consent to the PACE financing
  • Administrative: Petros PACE Finance will work with the local PACE authority in the project approval process and will assist in obtaining the mortgage lender consent
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