SeaChange—through its affiliated funds—makes flexible, high-impact loans to support the real estate, working capital and expansion capital needs of nonprofits working in Greater New York City. Our funds provide a level of flexibility, and a tolerance for risk, unavailable from conventional lenders.
We target investments from $250,000 to $750,000 (investments outside this range are considered on an exceptional basis or alongside co-investors) in the form of secured and unsecured loans, loan guarantees, and equity-like securities. The economic terms are determined on a case-by-case basis though interest rates generally range between 4%-6% over maturities of 3-5 years. We often co-invest with other lenders.
SeaChange seeks to be in a constructive on-going dialogue with our nonprofit partners. We generally take a non-voting observer seat on the finance committee of each borrower during the life of our investment. SeaChange seeks to partner with groups whose financing needs cannot be unmet by traditional sources of financing including banks and CDFI’s.