PropertyFit is an open market property assessed financing program which offers multiple capital source options to Property Owners. Qualified Capital Providers are invited to enroll and to use the unique benefit assessment structure to secure the financing of building performance improvement projects in Multnomah County.
Why Become an Enrolled Capital Provider
PropertyFit offers many benefits to Capital Providers:
Increase Origination Opportunities
Listing on the PropertyFit website that will attract new clients
PropertyFit adds to your product offering, increasing your value to new and existing clients
Enrollment enables you to offer this unique financing solution that removes capital access and return-on-investment barriers that have stalled past projects
Receive opportunities to offer terms sheets on PropertyFit originated projects
Strengthen Your Investment Portfolio
PropertyFit financing is secured by a benefit assessment lien on the property, junior only to property taxes
You retain the loan servicing of the transaction and the relationship with your client
Your PropertyFit investment improves the value of the building you’ve financed thus increasing the value of your underlying collateral and further strengthening the overall value of your investment portfolio.
PropertyFit offers the ability to access the property tax collection system in the event of default.
Support Healthy, Resilient Communities
PropertyFit projects support sustainable development, building resiliency, and reduced greenhouse gas emissions.
The PropertyFit program invests in a strong social equity agenda which promotes job growth and community economic development.
PropertyFit projects preserve and improve the performance of the existing building stock and encourages new sustainable development.
How to Become a PropertyFit Capital Provider
To become an enrolled Capital Providers complete and submit the Capital Provider Application and Capital Provider Agreement. As part of the enrollment process Capital Providers must agree to originate transaction in accordance with the PropertyFit Program guidelines. In addition, Capital Providers must execute a Capital Provider Agreement and use the PropertyFit standard template documents as part of the closing of each transaction they fund.
Once approved, qualified Capital Providers can participate in two ways:
Directly originate PropertyFit projects and submit applications to PropertyFit for administrative approval and filing of the Benefit Assessment Lien
Respond to “request for offers” on projects originated by PropertyFit directly. In some instances, property owners may apply to PropertyFit without a preselected capital provider. In such a case, PropertyFit will facilitate the solicitation of terms sheets from enrolled capital providers.