Our Transitional Line of Credit (TLC) is perfect for Conventional or Targeted Affordable Housing (TAH) sponsors who need flexible funding to manage their multifamily property portfolios. 

View and download our TLC Term Sheet.

Sponsors can even lock in credit and pricing terms before identifying properties. Once locked, spreads are set for the initial term of the TLC. Sponsors have the option to borrow up, extend up to two more years, and expand debt.

Tailored to provide what each sponsor needs, our TLC is a 3- or 5-year (initial term) interest-only, real estate secured line of credit. It’s ideal for numerous financing needs: from short-term repositioning of transitional assets to portfolio acquisitions.

First for Targeted Affordable Properties

Supporting rental affordability is at the core of what we do. A recent leading-edge transaction demonstrates how we can leverage our existing financing options to support deeply affordable housing in a new way.

We joined forces with BWE, and sponsor Envolve Communities LLC, for our first-ever TLC specifically for targeted affordable housing. The $150 million line of credit covers multiple properties across Texas and Oklahoma, providing a flexible solution for existing assets as Envolve prepares these properties for rehab or future LIHTC re-syndications. Although the first five properties are in Oklahoma and Texas, Envolve intends to use the TLC throughout their operating footprint, which is in the southeast/sunbelt.

Envolve’s TLC has an initial 5-year term with two 12-month extension options and is full-term interest only.

The five properties in the TLC are fully or partially financed with Low-Income Housing Tax Credits and provide housing for low-income residents. Each property has rent restrictions at 60% AMI or below on the majority of the units and a percentage of units set aside for disabled individuals.

  • Aspen Park in Houston, Texas with 256 units
  • Brookhaven Plaza in Bartlesville, Oklahoma with 120 units
  • Center Ridge in Duncanville, Texas with 224 units
  • Red Hills Villas in Round Rock, Texas with 168 units
  • Tuscany Park in Buda, Texas with 176 units
  • Red Hills Villas property in Round Rock, Texas.

    Red Hills Villas in Round Rock, Texas.

  • Tuscany Park property in Buda, Texas.

    Tuscany Park in Buda, Texas.

  • Aspen Park property in Houston, Texas.

    Aspen Park in Houston, Texas.

  • Brookhaven property in Bartlesville, Oklahoma.

    Brookhaven Plaza in Bartlesville, Oklahoma.

  • Center Ridge property in Duncanville, Texas.

    Center Ridge in Duncanville, Texas.