Jumpstart Philly is a locally-based lender that has recently secured an impressive $7 million in funding. This money will enable the program to expand throughout Philadelphia and provide more comprehensive support to real estate developers.
The Jumpstart Program was established in 2015 with the mission to empower small and aspiring real estate developers by offering them support services such as mentoring, training, networking, and financing opportunities. By providing affordable housing and real estate development opportunities, the program has successfully bridged the gap in real estate development opportunities, empowering previously underrepresented groups to create wealth locally.
The program was initially available in the Germantown area, offering loans for purchasing and renovating blighted properties for sale or rent. However, in 2019, the program was extended to other Philadelphia neighborhoods where Jumpstart Training Programs existed.
With the program’s citywide expansion, more than 25 zip codes will be added, significantly increasing the number of potential projects and reducing blight in more communities.
- Financing for projects anywhere in the City of Philadelphia
- Jumpstart Philly is now available Citywide!
- Open to Anyone
- Jumpstart Training Program Graduates within the City & Norristown receive a 1/2% interest rate discount
- Credit Report & Proof of Funds
- For buy & hold, a minimum score of 680 is required for all borrowers. No minimum score for buy & sell.
- Proof of Funds is needed to ensure borrowers can complete the project.
- Focus on Residential properties
- Mixed-use projects considered for more experienced developers (must have residential component)
- Property needs to be vacant (with very few exceptions)
- Loans are not for single-family owner-occupied properties
Founder Ken Weinstein, also the President of Philly Office Retail, envisions expanding the loan program will create more affordable housing and allow local developers to create wealth locally.
Jumpstart Philly’s innovative program goes beyond the conventional banking model. It offers a guiding hand throughout the development process for those who need it. Since its inception, Jumpstart has provided 384 loans, totaling more than $46 million. With additional support from TriState Capital Bank, Reinvestment Fund, and LISC (Local Initiatives Support Corporation), Jumpstart Philly is now prepared to lend citywide and meet the growing demand for its acquisition and construction loans.
This expansion will enable the program to provide more opportunities for real estate developers, creating more affordable housing and reducing blight in more neighborhoods.
“We are much more than a bank,” said Weinstein. “We offer a guiding hand during the development process for those who need it.”
If you’re interested in learning more about the Jumpstart Philly Loan Program and the opportunities it offers, please visit https://jumpstartphilly.com/.