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South Ben4 Redevelopment Commission <br />Regular M eting September 5, 1980 <br />6. NEW <br />c. Ontinued.... <br />. Ellison: It is a whole compli <br />ted process if that were to occur. <br />;ically, the property would become <br />governments'. <br />. Robinson: Is there a different <br />fling for single family dwellings <br />an there is for a commercial venture <br />r a 312 loan? <br />M i s. Baumgartner: It is $27,000 for a <br />sngle family dwelling maximum. <br />. Robinson: Mr. Nimtz, was this loan <br />proved by Southold? <br />. Nimtz: Yes. <br />Mr. Robinson: Then you are speaking of the <br />cost of this home being in excess of $100,000 <br />when you include the cost of moving? Is this <br />the actual loan ($100,000) or are we talking <br />a out a lien on the property? <br />Mr. Ellison: We are talking about two loans. <br />An $80,000.00 loan and a $30,000.00 loan. <br />The $80,000.00 loan would have first position, <br />d the $30,000.00 loan would be subordinate <br />d take second position. <br />Mr. Nimtz: They have to pay off the Southold <br />loan in one year. <br />W. Ellison: Normally what happens is that <br />a borrower in this situation would have a take <br />out commitment from a bank. Once the house is <br />r habilitated and once it is appraised, the bank <br />can then lend on its after rehab value. They <br />en take out the Southold loan which is a <br />sort term interim loan. <br />Butler: Do they have a take out in this <br />e Mrs. Baumgartner? <br />. Baumgartner: No they don't, but they do <br />a number of properties free and clear. <br />18 <br />