Banks Cultivate Green Loans - Melaver

According to the article, Wells Fargo has loaned more than $1.7 billion for about 35 LEED projects, including construction loans and some permanent financing. The bank’s green lending program stems from a growing interest in sustainability on the part of its long-standing customers, according to Paul Brumbaum, senior vice president in environmental finance at Wells Fargo’s San Francisco office. “In some markets it has become almost de rigueur that you’re building to green standards if you’re doing a Class-A product,” he says.

Currently, most green real estate lending is done by community banks across the country who offer incentivized construction loans and mortgages for borrowers using environmentally responsible design. Savannah's own United Community Bank announced a green construction loan program last summer. The bank is offers property owners, qualified builders and general contractors a 25 basis point reduction in construction financing for any commercial or residential project that achieves LEED (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council or EarthCraft certification from Southface Energy Institute.

[ Back ]

Menu