What is the approximation of administrative fees that will be charged?
Administrative Fees: Borrowers will be charged administrative fees of 20 to 25 basis points during the initial and construction phase of the loan. These charges will cover the costs of accounting for and managing the loan by the TSSBA and the construction review by the State of Tennessee Division of Real Property Management. Once construction is completed the fee will drop to 9 to 10 basis points annually for the management of the loan.
