Gain mortgage lender support for your commercial project
“Lender consent” means gaining the support of an existing mortgage lender for a PACE project and is widely considered a best practice in the commercial PACE market.
PACE makes it possible for owners of commercial, industrial, multifamily, and nonprofit properties to obtain low-cost, long-term financing for energy efficiency, water conservation, renewable energy projects, and more.
PACE financing is repaid with an assessment added to the property tax bill. Like property taxes and other municipal assessments, current or past due PACE assessments are recorded in a senior position to other property liens, including mortgages. A commercial lender’s consent may be required by state PACE enabling statutes, and even if not, most commercial PACE programs, project funders and building owners themselves require the support of an existing lender before proceeding with a PACE project.
Many institutions have provided lender consent to commercial PACE projects all over the country. In the video to the right, learn best practices for obtaining lender consent from Peter Grabell, Senior Vice President, Financial Services with Figtree Financing, a PACE program administrator in California.
PACE programs for commercial properties are operating in 16 states: find a commercial PACE program near you.
To learn more about how PACE works, see “What is PACE?”
*This is a partial list of banks that have provided consents. This list does not reflect institutional views of the listed banks. Updated July 2017.
Print and distribute this flyer designed to educate banking professionals about the benefits of PACE.
To learn more about how PACE benefits lenders, see the page “PACE for Mortgage Lenders.”
PACE funded $1.8m efficiency improvements at San Fran’s 644 Broadway
MI building saves money and energy for the owner and for tenants
CA hotel financed efficiency upgrades with $6.8m PACE financing
Through San Francisco’s PACE program, we absolutely realized the power of PACE — the building has become more valuable not only from a financial point of view but from a people’s standpoint. Our vision for the project was to create a creative and cultural mecca, which we’ve done!Jeff Lee, Principal, Cypress Properties Group
Prologis is participating in the PACE program in order to promote new, innovative solutions for financing sustainable building improvements. It provides the flexibility to drive more energy improvement programs and that’s something everyone should embrace.Jack Rizzo, Managing Director, Global Construction and Renewable Energy, Prologis Inc.
PACE is the only funding mechanism that is credible in providing verifiable information to our investors, and therefore is the ideal tool for us to move forward in becoming the gold standard in sustainable hotels.Make Davis, General Manager, Hilton Los Angeles/Universal City