HDFC Loans

Loans amounts will begin at $10,000.[1]  All loans that are originated by LES People’s FCU – whether held in full by LES People’s FCU, or shared in part with another credit union under loan participation – will be serviced by LES People’s FCU, including escrowing for applicable taxes and insurance.

Apply for an HDFC loan:

Gather the following information and submit complete package to Alfonsina Morel at 37 Avenue B, New York, NY 10009.

HDFC Loan Package:

HDFC Loan Basics:

LES People’s FCU offers loans to buildings for:

  • capital improvement
  • repairs
  • establishing a reserve account
  • tax relief
  • other work while purposes

Amounts start at $10,001, no maximum– The credit union maximum is determined by our regulatory agent National Credit Union Administration, at 15% of our net worth. When a loan request amount exceeds this limit, we look for other credit union partners to participate in the loan.

Loans terms will extend up to 15 years depending on the amount borrowed, the uses of funds and the repayment ability of the borrower.  Longer amortization periods of 360 months may be offered based on the borrower’s repayment ability; however, in these cases a balloon payment will be due in the 180th  month.

Interest Rates will be based on the 3-Year Treasury Rate rounded to the next highest quarter of one percent or a floor rate of 7.5% whichever is greater.   Added to this index will be a margin ranging between 250 and 450 basis points depending on the overall creditworthiness of the borrower.  Interest rates will be subject to change every three years based on current market rates and conditions.

Loan Processing, it is our goal to process and reach a credit decision on all loan requests within a 30 day period for all complete application packages received by LES People’s FCU.

 Loan Closing, it is our goal to close all loans within a 45-60 day period following receipt of a signed commitment letter from the approved applicant.

Estimated fees are subject to change. (See estimated fees)

All loans that are originated by LES People’s FCU – whether held in full by LES People’s FCU, or shared in part with another credit union under loan participation – will be serviced by LES People’s FCU, including escrowing for applicable taxes and insurance.

Security and Special Covenants

  1. Loans are secured by a valid first mortgage on the land and building owned by the borrower
  2. LES People’s FCU will lend up to 75% of the appraised value of the land and building being used to secure the loan
  3. Article 8A Loans and loans from other public funds are subordinated to the LES People’s FCU’s mortgage loan

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