Financing Amounts

1.      Non-Residential Properties:

a)      Property-owners are eligible for up to 100% of the “Net Equity” in the property, defined as the Just Value minus all mortgages and encumbrances;

b)      Property-owners are eligible for up to 20% of the Just Value of the property, as determined by the St. Lucie County Property Appraiser;

c)       The lesser amount of subsections (a) and (b) above shall apply.

 

Please note that if the non-residential property has a mortgage:

d)      The mortgagee needs to be notified of their intent to obtain PACE financing 30 days prior to disbursement of PACE financing, as per Florida Statute 163.08(13).

e)      The owner will need to obtain “Lender Consent” from the mortgagee.  (*See PACE representative at SELF for more details)

 

2.      Residential Properties:

a)      Property-owners are eligible for up to 100% of the “Net Equity” in the property, defined as the Just Value minus all mortgages and encumbrances;

b)      Property-owners are eligible for up to 20% of the Just Value of the property, as determined by the St. Lucie County Property Appraiser;

c)       The lesser amount of subsections (a) and (b) above shall apply.

 

Please note that lender consent is not required for residential properties, as defined above, as per Florida Statute 163.03(12)(a). Please Reference Disclosure Form (Section J) for Further Detail.

 

EXAMPLES:

 


 

 

 


 

 

 

 

*Maximum Allowable Financing is the lesser of (a) and (b).