ELF Loans are for 12 months, 3 years or 5 years or by individual arrangement.
You select your own term!
Interest rates are currently at 0 to 2.5% simple-interest. Interest on loans under $5,000 is paid annually while interest on loans over $5,000 is paid quarterly (every three months). Principal is paid at the end of the loan period or can be negotiated. Note, interest rates can change from time to time but are locked in with each loan unless re-negotiated at the end of the first term of the loan.
You select your own interest rate!
Loan amounts start at $5,000 and go up to $100,000.
You select the amount that suits you!
Your loan will be used for eco-retrofitting of existing CRSP owned properties within L.A. Eco-Village, acquisition of new properties, and new green business development to provide livelihood opportunities for people who live in L.A. Eco-Village or to take out other loans coming due. Our policy is to maintain a strong equity to debt ratio..
Loans are made to CRSP (ELF) and are not generally recorded as liens against any property which CRSP now owns or might purchase. Loans are secured by a loan agreement. Loans are paid back from debt service paid to CRSP, rents, future mortgages, new loans coming into the ELF, or some combination. Contact CRSP for details.
You are encouraged to talk with other lenders to the ELF, and ask them about their process in making the decision to loan. Contact Lois (213/738-1254) for a phone list or email addresses and phone numbers of other lenders.
See a draft loan agreement below. Feel free to recommend revisions that suit your needs.
Checks should be made out to CRSP/ELF and sent to: 117 Bimini Place #221, Los Angeles, CA 90004. Electronic transfers can also be arranged.
For more information, contact Lois Arkin at CRSP, L.A. Eco-Village, 117 Bimini Place #221, Los Angeles, CA 90004, 213/738-1254 email: crsp@igc.org
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DRAFT LOAN AGREEMENT BETWEEN CRSP-ELF AND
____________________________________
Name
I, ____________________________________________ (lender), agree to loan $ __________ to CRSP’ Ecological Revolving Loan Fund (ELF) for use in (check one or more):
_____ The eco-rehabilitation of the CRSP owned apartment buildings at 117 Bimini Place and 127-133-1/2 Bimini Place.
_____ To acquire new properties in Eco-Village.
_____ To pay back current lenders at the expiration of their loan periods.
_____ To provide seed capital for new green business development within Eco-Village.
_____ Any or all of the above.
Term of the loan is (circle one or more):
__3 months 1 year __3 years __5 years __Other __To be reviewed annually
_____ simple interest basis, _____amortizing basis.
CRSP shall pay me the interest or amortizing amount every three months starting at the end of the first full quarter after the loan has been deposited by CRSP (3/1, 6/1, 9/1 or 12/1). If the loan is for $5,000 or less, the payment may be paid annually at the start of the quarter closest to when the loan was deposited by CRSP.
At the end of the initial loan period on interest-only loans, the full principal will be due from CRSP along with the interest payment. At the end of the initial loan period, also, I (the lender) will have the option of renewing the loan on a simple-interest or amortizing basis at an interest rate and term to be determined at that time.
In the event that CRSP decides to pay back the loan in part or full prior to the full term of the loan, there will be no interest penalty. In the event that I (the lender) must have my loan paid back prior to its due date, arrangements may be made with CRSP without penalty to me. Generally between 30 and 90 days notice is required for early paybacks, depending on the size of the loan.
_____________________________________________________________________________
Agreed: Lender Name: Printed and Signed Date of Agreement
______________________________________________________________________________
Lender address, phone fax, email
Agreed by CRSP:_________________________________________________________________
Lois Arkin, Executive Director and Corporate Treasurer Date of Agreement handouts