Term loans are a type of loan granted to an owner of a completed income-producing property as a means of repaying existing financing (interim or long term) with loan terms and conditions that fit the borrower, the property and the market. Interest rates and terms vary depending on the borrower, property location, property type and loan-to-value ratio. Borrowers often wish to renew Pendfund Income Fund I loans. Loans in this class are expected to average 12 to 60 months in duration and will be underwritten to a maximum 75% loan-to-value with normal ancillary security in place.