The NeighborWorks Montana is a business loan from NeighborWorks Montana. The ongoing APR is Interest rate (not APR): targeted 2.00% below the first mortgage for projects with a minimum 30-year period of affordability, and 1.00% below the first mortgage for projects with a minimum 15-year period of affordability. Interest rate floor is 3.50%. Rate floor for land acquisition and predevelopment is 4.50%.. Typical credit limit: Intended to be gap financing for projects. Maximum to any one project is $2,000,000. Higher amounts may be available if outside sources are allocated to the fund for a specific project or purpose. Gap financing up to 20% of the total development cost for acquisition, rehab, construction, and permanent financing or up to 35% for land acquisition and/or predevelopment costs.. Loan terms: Up to 40-year amortization. Maximum term of 10 years except for LIHTC projects which may go up to 17 years. Amortizing payments are expected. A period of deferment or interest-only may be offered depending on project needs. Land acquisition and/or pre-development loans interest-only, term not to exceed three years..