Evidence version 1 · term sheet
Term sheet, Riverbend Housing Note (draft 2)
Showing evidence version 1 (ev_riverbend_1), the deal's active version.
A synthetic document, split into the passages a draft memo can quote. The table below lists the facts the checks read from it, each with the passage that states it. The deal and its documents · Evidence versions.
Parties and instrument
Borrower: Riverbend Community Land Trust, an Arizona nonprofit corporation recognized as exempt under section 501(c)(3). Lender: Sonoran Community Foundation, through its catalytic sleeve. Instrument: a senior secured promissory note (the Riverbend Housing Note). Participation: the note may be funded in whole or in part by another funder on the same terms, and a second funder is evaluating the same note for a participation.
cited as term-sheet/ts-1
Amount, rate, and term
Principal amount: $750,000. Interest: 3.0% per annum, fixed, payable quarterly. Term: 5 years from closing, with principal due at maturity and optional prepayment without penalty after year 2.
cited as term-sheet/ts-2
Security and repayment
Security: a first lien on the 42 rental homes acquired with the proceeds and an assignment of rents. Repayment source: net operating income from the rental portfolio, with a debt service coverage covenant of not less than 1.20x tested annually.
cited as term-sheet/ts-3
Use of proceeds
Proceeds will fund the acquisition and rehabilitation of 42 scattered-site rental homes in Pima County, Arizona, to be held in the land trust and rented to households at or below 60 percent of area median income.
cited as term-sheet/ts-4
Covenants and reporting
The borrower will deliver audited financial statements within 150 days of fiscal year end, maintain affordability restrictions for 30 years, and provide semiannual occupancy and rent reports.
cited as term-sheet/ts-5
Facts the checks read from this document
Wide table: scroll sideways to see every column.
| Fact | Value | Stated in |
|---|---|---|
| Instrument stored as instrument | note | Parties and instrument |
| Borrower type stored as counterparty_type | nonprofit | Parties and instrument |
| Amount requested stored as amount | $750,000 | Amount, rate, and term |
| Interest rate stored as rate_pct | 3% | Amount, rate, and term |
| Term stored as term_years | 5 years | Amount, rate, and term |
| Security stored as security | first lien on the 42 rental homes and an assignment of rents | Security and repayment |
| Repayment source stored as repayment_source | net operating income from the rental portfolio | Security and repayment |
| Use of proceeds stored as use_of_proceeds | acquisition and rehabilitation of 42 rental homes | Use of proceeds |
| Covenants and reporting stored as covenants | audited statements within 150 days; 30-year affordability; semiannual reports | Covenants and reporting |