News and Resources

Bottom Line Common Sense

By: Linda J. Schiff, Senior Vice President, COMMUNITY ADVANTAGE®, Barrington Bank & Trust

An in depth analysis of an actual loan request comparision to find the true cost of the loan and the banking relationship. The names have been changed to protect the innocent.

Meet Kingsley O. Condow. Board President of Heavenly Haven Condominium Association. He has just signed a commitment with a bank for a loan to finance a ,000 project at his 200-unit association. The association has ,000, which they plan to keep in reserves and need the project to start right away. He and the other Board Members believe they have made a great decision... after all they didn't pay any commitment fees and they also got the lowest monthly payment possible. Won't the unit owners be proud of them?

For a complete copy of this article, please contact Linda Schiff by phone at 847-842-7980 or by email at lschiff@communityadvantage.com.

This article appears in the October 2000 issue of Condo Lifestyles Magazine

October 2, 2000