Department Of Commerce

Lenders

Last Best PACE operates an open market program allowing property owners to choose their preferred lender for financing eligible projects. Lenders work directly with property owners to set rates and terms. Lenders can be local and national banks, credit unions or even specialty finance firms.

Why Participate in Last Best PACE?

  • Offer a new lending product to attract existing and new customers to finance commercial building improvements.
  • C-PACE is non-recourse, non-accelerable and requires no money down.
  • C-PACE-eligible improvements can reduce operating costs, increase property values and improve a building’s efficiency and comfort, helping attract and retain tenants.

Senior Lenders

Last Best PACE requires consent from any entity holding existing debt on the property.

Why Consent to Last Best PACE?

  • Savings can improve net operating income, increasing the property’s asset value and enhancing both the senior lender’s collateral value and the owner’s ability to make mortgage payments.
  • You can create new revenue streams by becoming a C-PACE lender in addition to being the senior lender.
  • C-PACE assessments do not accelerate. In the event of a default or delinquency, only the outstanding payment is in front of the senior lender position. Once the delinquent payment has been paid, the loan is again in good standing.
  • If the property is sold, the C-PACE assessment may transfer to the new owner.

View Lender Notice and Consent Form