Allectrify Introduces FASTPACE.com for Simplified Nationwide C-PACE Financing Process
In a significant move for the commercial real estate sector, Allectrify has launched a new tech-enabled platform named FASTPACE.com, designed to simplify and accelerate access to Commercial Property Assessed Clean Energy (C-PACE) financing nationwide. The platform, currently in its pilot phase, is optimized for projects of all sizes, with a focus on the middle-market sector.
FASTPACE offers terms of up to 30 years and both fixed- and adjustable-rate options, providing flexibility to developers. One of the key advantages of the platform is its speed, with closings possible in as little as 23 days, especially for projects under $10 million.
Erin Tolbert, a developer, recently secured $1.6 million for a hospitality project using FASTPACE.com. Speaking about her experience, Tolbert stated that the platform made the C-PACE financing process seamless from start to finish. She closed the financing for her project less than four weeks from term sheet execution.
Colin Bishopp, CEO of Allectrify, emphasized that FASTPACE changes the slow and fragmented C-PACE process, bringing speed, standardization, and efficiency to every deal. The platform unifies the C-PACE ecosystem with over 40 capital providers, enabling users to instantly verify property eligibility, generate financing quotes, and obtain senior lender consent at no cost.
During its pilot phase, FASTPACE has been used to finance a variety of projects, including solar installations, HVAC upgrades, adaptive reuse, and new construction. The platform aims to allow more projects to move forward, faster.
It's worth noting that HSBC has also launched a separate digital platform for trade finance, although this is unrelated to FASTPACE.com. As the real estate market continues to evolve, platforms like FASTPACE are set to play a crucial role in driving efficiency and innovation.
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