# COMAR Title 05 — Department of Housing and Community Development

## Subtitle 06 — Housing Insurance

### Chapter 02 — Tax Credit Bridge Loan Insurance

#### Regulation .07 Collateral.

*COMAR 05.06.02.07*

Bridge loans shall be secured by:

A. A pledge of the investor's note or notes or other instruments evidencing the investor's obligations to make capital contributions; and

B. One or more of the following:

  (1) A mortgage on the project, which may be subordinate to mortgages securing new or existing debt on the project;

  (2) A guaranty of payment equal to the insured amount of the bridge loan, backed by assets of quality and liquidity satisfactory to the Fund;

  (3) A guaranty of completion of the project; or

  (4) Such other collateral as the Fund deems appropriate related to the risk of the bridge loan and the project and other factors it deems relevant.