Brief overview:
Most C-PACE term sheets are built on assumptions: estimated proceeds, rate bands, and conditional approvals. That gap between a quote and a commitment is where capital stacks get re-modeled, and deals get retraded.
But at PACE Equity Finance, we use a unique process – running engineering and underwriting in parallel (rather than in sequence like other C-PACE firms) – so we can issue a proceeds figure at the term sheet stage that holds through close. Ethan Elser, Executive Vice President of Business Development, explains how.
The Term Sheets of Other C-PACE Firms Fall Short
For a developer trying to close a capital stack on schedule, a term sheet should be something to build on. Yet across C-PACE financing, proceeds range narrows weeks before close, a rate shifts once underwriting runs its course, and a project that was modeled around one set of numbers now needs to be re-modeled.
For sponsors coordinating senior debt, equity, and a construction timeline all at once, that kind of movement late in the process costs real time, renegotiated terms, and a decline in lender confidence.
According to Ethan Elser, Executive Vice President of Business Development at PACE Equity Finance, this pattern is common because some term sheets are frequently issued before the underlying deal has been fully vetted — this is where blanket assumptions come from that derail the process.
To provide certainty of execution for C-PACE projects, PACE Equity’s process moves those variables to the front of the conversation instead of pushing them off. When partnering with us, the requirements specific to property type, jurisdiction, and eligible improvements are built into the number before it’s presented. This means no more blanket assumptions about C-PACE term sheets. The result: surety of execution developers can trust from the first conversation.
PACE Equity Finance Delivers Reliable C-PACE Proceeds with a Unique Process:
1. In-House Engineering Helps Define Reliable Proceeds Numbers
“When you get a term sheet from PACE Equity Finance, you can count on it. It’s vetted on the credit side and the term sheet,” Elser mentioned. “Because engineering and underwriting run in parallel under one roof, the proceeds number a developer sees isn’t a placeholder pending third-party review. It reflects the same analysis that ultimately clears the investment committee.”
2. Underwriting Built Around Local Requirements
C-PACE eligibility and terms vary sharply by jurisdiction; Elser pointed to Milwaukee, where loan-to-value (LTV) comes out ~20%, compared to Madison, where it can reach ~35%. That gap affects funding amount, transaction cost, and how servicing, billing, and collection are structured.
Elser continued:
“Rather than applying a blanket assumption, PACE Equity Finance’s investment committee integrates location-specific underwriting directly into the commitment process. It takes a lot more trust and work upfront, but the result is an executable commitment rather than a conditional term sheet, built on the same figures that carry through to close.”
3. Certainty of Execution Built Into Our C-PACE Process
Over more than a decade of originations at PACE Equity Finance, Elser has seen the same theme recur: sponsors return once they’ve experienced the difference between a quote and a commitment.
When asked to sum up what defines PACE Equity Finance’s C-PACE process in one sentence, Elser answered:
It sounds simple, but it is backed by the goal to “lead the C-PACE industry by providing direct capital funding and world-class end-to-end support as our clients pursue projects that achieve their financial goals.”
For developers navigating a capital stack, that distinction is the point. Certainty of execution isn’t a claim PACE Equity Finance just makes about itself — it’s the product of engineering and underwriting operating as one process, from the first conversation to the closing paperwork.
A C-PACE Process You Can Count On
A C-PACE proceeds figure shouldn’t be a moving target made from assumptions. Experience a C-PACE process that is built on commitment when you partner with PACE Equity Finance.
Get the certainty of execution you need for your next project. Speak with one of our originators today or learn more about the advantages of our C-PACE process.