Third Party Lender (TPL) permanent first position loan terms and rates (including points and fees as applicable) are set by the TPL with a few simple limitations: • The minimum term of the permanent loan is 10 years when the CTCIC 504 Loan is 20 years (typically real estate projects) and 7 years when the CTCIC 504 Loan is 10 years (typically machinery and equipment projects); • Interest rates must be legal and reasonable; • TPL Loan must not have any early call feature or contain any demand provisions unless the loan is in default; • TPL Loan must not be open-ended For more information, visit our Partners’ Resources.