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Elk River Auto Mall L.L.C. Page 2 <br /> September 12, 1994 <br /> 5,320 square feet <br /> The cost of acquiring the site and constructing both facilities is estimated at <br /> $1,278,000 and is broken down as follows: <br /> Land $ 240,000 <br /> Building $1,038,000 <br /> $1,278,000 <br /> The cost of equipping each of the spaces is the responsibility of the individual <br /> tenants. <br /> Sources of financing for this project are broken down as follows: <br /> Percent of Project <br /> Primary Lender "A" $ 553,000 43.3% <br /> Primary Lender "B" $ 350,000 27.4% <br /> Applicant Equity $ 325,000 25.4% <br /> EDA Micro Loan $ 50,000 4.0% <br /> $1,278,000 100.0% <br /> Loan repayments are proposed as follows: <br /> • Source Term Interest Rate Security <br /> Primary Lender"A" 15 years 9.5%(subject to adjustments) 1st position <br /> Primary Lender"B" 15 years 9.5% (subject to adjustments) 1st position <br /> EDA Micro Loan 15 years 7.75%(prime) 2nd real estate mortgage- <br /> adjusted semi-annually commercial real estate <br /> Debt service for the project is outlined as follows: <br /> Source Annual Debt Service <br /> Primary Lenders "A" & "B" $113,236 (initially) <br /> EDA Micro Loan $ 5,650 (initially) <br /> $118,886 <br /> INCOME/EXPENSES/CASH FLOW, ETC. <br /> Rental income from Tires Plus, ABRA Auto Body, J.R. Tech Automotive, and <br /> Mr. Movies is projected at $17,348 per month for a twelve month total of <br /> $208,176. The rents are structured on a triple net basis so that the tenant is <br /> responsible for property taxes, insurance, and maintenance. These expenses <br /> are projected at $3,100 per month for a twelve month total of$37,200. <br /> • <br />