Loan  Request

 

Applicant:          Co-Op Village Foundation, Inc.

 

Contact:              Jim Costa

Phone:                (850)  623-8753

Email:                costa4669@bellsouth.net

 

Website:            www.co-opvillagefoundation.org

 

 

Loan Purpose:                     Construct a community land trust eco-village of 330 homes

                                              and 20 commercial buildings.

 

 

Amount Requested:                              $9,000,000    (Second Mortgage)

Amount Requested:                              1,000,000       (Third Mortgage)

Additional Financing in Place:                2,000,000      (Land Financing - First Mortgage)

                                                          ----------------

    Total Financing:                               $12,000,000

                                                          ==========

 

FMV of completed village:                   $39,000,000

 

Financing Leverage ($12M/$39M):                 31%

 

 

 

Use of Funds:                                    $400,000  Land Down Payment

Construction Draws                          $792,000 per month over 12 months

 

 

 

Collateral:                      700 acres near Jay, FL, 330 homes, 20 commercial buildings.

 

Terms:                            $500,000 up front,

   then construction progress draws over 12 months. 

 

                                       No payment first year.                            

 

                                       Planned payback of 5 years but written payback of ten years.

 

 

Note:  Once we begin construction national financiers should back us as a third mortgage lender if necessary to insure success, thus reducing the risk of the second mortgage lender.