Iowa Admin. Code r. 265-11.3 - Loan terms
(1)
Amount
of loans. The principal amount of each loan is between $50,000 and
$250,000.
(2)
Term of
loan. Loans are amortized over not more than 30 years; the actual term
of the loan is determined by the authority depending on the economic
feasibility of the project.
(3)
Interest rate. Interest is charged on the loan at a rate
related to the authority 's cost of funds for the loan term as determined and
announced by the authority from time to time.
(4)
Loan fee. The authority
may charge a fee in the amount of 1 percent of the initial loan amount at
closing.
Notes
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