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PACE BONDS WITH PRIVATE CAPITAL<br />
The PACE structure uses government tax liens to<br />
create a security senior to any private mortgage<br />
Investor Tax Collector Real Estate<br />
Purchase<br />
Bond<br />
Bond<br />
Payment<br />
GOV.<br />
Upfront<br />
Financing<br />
Repaid on<br />
Tax Bill<br />
CRE<br />
A key financing hurtle is eliminated by providing<br />
collateral at the very top of the capital stack<br />
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