Upon approval of an application, WHEDA will send the Lender a Loan Agreement and Wire Transfer Instructions. The Loan Agreement outlines the specific terms of the subsidy.
The Loan Agreement must be signed and dated by the Borrower and the Lender, and returned to WHEDA before funding will occur.
Non-construction loans must close within 45 days from the date of the Loan Agreement. For construction loans, 180 days will be allowed.
If the Lender is unable to close the LiDL within the required timeframe, contact WHEDA to request an extension. WHEDA will consider extensions on a case-by-case basis.
When a loan involves construction or the installation of specialized equipment, the Lender is required to provide interim financing until the construction or installation is completed. WHEDA's subsidy is not in effect while the Interim Note is outstanding and the subsidized Note may not be closed until all construction and installation is completed.
