Applications submitted without prior consultation will not be accepted. Construction of new facilities. MCFP defines capital improvement projects as any expenditure for an item with a useful life greater than one year. Hard costs are the material and labor costs of the improvements. Soft costs are other project-related expenses such as financing, appraisal, architectural cost, engineering and legal fees.
Leasehold improvements are renovations of leased or rented rather than owned space.
Loan terms are flexible, ranging from six months to ten years. Loan terms longer than one year are usually amortizing loans that require monthly payments of principal and interest. MCFP lends at the lowest possible rate consistent with the cost of funds, the risk of each transaction and the need to cover loan losses and operating costs. The interest rate is fixed for the length of the loan regardless of term. There is a one-time closing fee to offset the cost of reviewing and processing the loan application.