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Mortgage Insurance Guarantees

MassDevelopment can provide a guarantee on a portion of a bank real estate loan or tax-exempt bond.  Our guarantee covers the difference between a bank’s maximum allowable loan advance rate and up to 90% of the property value, thereby increasing the amount of financing available to your business.  Our mortgage insurance guarantee program offers:

  • Loan guarantees up to $2,000,000
  • Loan advance rates up to 90% of the value of the real estate

Guarantees are also available for charter school loans, tax-exempt bonds, loans to companies that export products to international markets, and working capital loans to manufacturers.

Case Study – Triple Play Car Wash, LLC

Sovereign Bank provided Triple Play Car Wash LLC of Attleboro a $7.5 million loan to refinance existing debt. The loan was supported by a $540,000 MassDevelopment mortgage insurance guaranty. Original loan proceeds were used to purchase land and construct a convenience store, gas station, car wash, and a car detailing center.

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