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)
Additional Financing in Place: 2,000,000 (Land Financing - First Mortgage)
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Total Financing: $12,000,000
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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
Terms:
$500,000 up f
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.