Does PCI provide insurance?
Although insurance companies contribute to PCI's loan fund, PCI does
not provide insurance. For information about the contributing companies
see Member Companies
Is there a minimum or maximum loan amount?
Yes. PCI's minimum loan amount is $500,000 and its maximum is $10,000,000.
How does PCI set its interest rates?
does not link its interest rate to any index. PCI tries to keep its
interest rates at or below the current market rate and provide
sufficient income to support its operations. The type of loan and the
level of risk will influence the interest rate.
When does PCI accept loan applications?
PCI accepts applications anytime. Final loan approvals occur at monthly Investment Committee meetings.
How quickly can I get a loan from PCI?
loan approval process can take as little time as two weeks if all the
information PCI needs is provided. The time from loan approval to
closing depends on the complexity of the deal.
Can PCI lend outside Massachusetts?
How did PCI establish the four loan categories?
categories are set out in the state legislation passed in 1999 that
enabled Massachusetts' insurance companies to establish the PCI loan
Why doesn't PCI offer lines of credit?
large volume of transactions that are typical with lines of credit
would be impossible for PCI to process efficiently and accurately.
Why doesn't PCI offer 30 year mortgages?
enabling state legislation established the life of the Fund at
twenty-four years. Therefore, PCI cannot make loans that would extend
beyond that time.
Does PCI lend to for profit as well as nonprofit entities?
Does PCI require its loan to be in first lien position?
PCI prefers to be in first lien position, but will accept a subordinate
position when it is a minor lender in the transaction and adequate
collateral and debt service exist to support PCI's debt.
Will PCI participate with other lenders to finance a company or project?
Yes. PCI usually participates with other lenders, both public and private.