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Commercial Mortgage Insurance & Bonds
Commercial Mortgage Insurance
The Rhode Island Industrial Recreational Building Authority (IRBA) provides commercial mortgage insurance to ease the down payment burden when your company invests in real estate, machinery, equipment or tourist/travel recreation projects, offering borrowers debt insurance on tax-free bonds, taxable bonds and conventional mortgages.
The maximum amount that can be insured through this program is $5,000,000.
- Covering up to 90% on real estate
- 80% on machinery and equipment
- 75% on tourist/travel recreation projects
Bonds
If you’re considering bond financing, we're here to help you understand eligibility and project requirements.
Tax Exempt Bonds
The Rhode Island Industrial Facilities Corporation (RIIFC) issues tax-exempt private activity bonds for companies to finance manufacturing projects with a $10,000,000 maximum limit per project. The bond can finance up to 100% of the cost for a manufacturing project including land, new machinery and equipment, building costs and certain eligible “soft” costs. Interest rates are determined by the market.
Taxable Bonds
RIIFC issues taxable bonds for businesses that are expanding and require a long-term financing solution. These bonds are almost identical to the tax-exempt bonds, but they are taxable for financing fixed commercial assets such as land, building, machinery and equipment and related “soft” costs. The limit per project is established by the bond purchaser or credit enhancer.
*Companies must have a financial organization willing to purchase the bonds.
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