Laserfiche WebLink
conveyed through a floor plan which makes the hearth oven and labor <br /> . intensive production techniques visible to the customers. The Vault Hearth <br /> Bakery will also capitalize on the building's historic presence within <br /> downtown Elk River. In addition, this venture will concentrate on original <br /> old world formulas, specialty ingredients, and old world ambiance created <br /> through an open style floor plan and product displays. <br /> Financing <br /> The cost to acquire the building, remodel it, and purchase the necessary <br /> production equipment is estimated at $214,000 and is broken down as <br /> follows: <br /> Building Acquisition (and related closing costs) $117,500 <br /> Equipment $ 65,000 <br /> Renovation $ 24,000 <br /> Working Capital $ 7.000 <br /> $214,000 <br /> Sources of financing for this endeavor are broken down as follows: <br /> Amount Percent of Project <br /> • Primary Lender $ 61,000 28.5% <br /> Applicant Equity <br /> -Cash $ 55,000 25.7% <br /> -Home Equity Loan $ 48,000 22.4% <br /> EDA Micro Loan 5 50.000 23.4% <br /> $214,000 100% <br /> Loan repayments are proposed as follows: <br /> Source Term Interest Rate Security <br /> Primary Lender 15 year amortization First Real Estate <br /> (with 5 year balloon) 10%fixed Mortgage <br /> EDA Micro Loan <br /> (Real Estate Portion) 15 years 6%fixed Second Real Estate <br /> Mortgage <br /> (Equipment Portion) 7 years 6%fixed UCC Filing <br />