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Texas Trophies will be expanding this month, thanks to a construction loan from Security Service Federal Credit Union that was secured through the U.S. Small Business Administration. San Antonio-based Security Service began offering small business loans in 1995, but it wasn't until just a few years ago that federal credit unions could offer SBA loans. Now, Security Service is an industry leader. "There's only six credit unions in Texas doing SBA loans now," said Security Service spokesman John Worthington. "We're ranked No.1 in Texas and we're 15th out of 98 nationally." The owners of Texas Trophies — Lorraine and Jesse Pope — said their experience getting an SBA loan through Security Service was better than it was when they went through a conventional bank for an SBA loan to build their first shop in 1993.
The Cornerstone Group's town home division has secured a $2.87 million construction loan for Solaris at MetroWest, a community being developed near downtown Orlando. Birmingham, Ala.-based AmSouth Bank provided the project financing, which will help cover part of the acquisition and construction of Solaris at MetroWest. .
BAGUIO CITYA provincial councilor has asked a court here to stop the release of a P60-million loan the capitol secured with the Land Bank of the Philippines because it violated a resolution of the provincial board. Mountain Province Councilor Marcial Lawilao Jr. asked the Regional Trial Court to void the P60-million loan agreement for the construction of the Bontoc commercial center because Gov. Maximo Dalog exceeded the authority the provincial board granted to him. The loan agreement states that it was secured by Dalog in accordance with the authority vested upon him by Resolution 0313, dated July 18, 2005, but Lawilao claimed the governor was only authorized to borrow P30 million from the bank. The continuous spending of the proceeds of the loan or any portion thereof will work and result to and cause grave and irreparable damage and prejudice to the people of the province, Lawilao Jr.
NEW BRUNSWICK, N.J., Oct. 10 /PRNewswire-FirstCall/ -- Magyar Bank, the principal subsidiary of Magyar Bancorp, is releasing the following statement to clarify information regarding loans made by the Bank to East Brunswick builder Kara Homes Inc., which recently filed for Chapter 11 bankruptcy. Kara Homes' lending relationship with the Bank consists of four construction loans with total outstanding balances of $7,575,000. Two of the four loans were participated with other banks, limiting Magyar's total lending relationship with Kara Homes to $5,135,000. These loans were originated within the Bank's guidelines, including the requirement that the maximum loan-to-value ratio is 75% of the appraised value of the property. The Bank is in a first lien position with respect to the Real Estate securing the loans.
The 26,505-square-foot building in the Oakridge Business Center at 2330 Cousteau Court, Vista 92083, has been sold for $3.5 million. The buyer was Marselle LLC (dba Solsource Logistics), 2180 Las Palmas Drive, Carlsbad 92011. Marselle is headed by Oren Zaslansky as trustee of the Zaslansky Revocable Trust. The property will serve as corporate headquarters for Solsource Logistics. Community National Bank provided a purchase loan of $2 million and a construction loan of $1.6 million. The sellers were Frank Jiann Fu Yang, May Mei Huey Yang, Calvin Tseng Yang, dba Micro-Tech Scientific Inc. Micro-Tech then leased back approximately 6,000 square feet for three years. .
Moscow, Russia, 10 Oct – Russian bank Vneshtorg and British-owned bank Moscow Narodny are heading a banking syndicate loan of US$62.4 million to Angolan company HydroChicapa, which is 55 percent owned by Russian diamond company Alrosa Co, official said.
The loan, which has a six-year maturity and is underwritten by Alrosa, will be used to complete a hydroelectric plant on the Chicapa river in Angola.
Construction of the plant began to supply electricity to the Catoca mining company and in order to improve the efficiency of the Catoca diamond mine.
This new funding will also serve to develop new projects in Lunda Sul province.
In 20004 the Vneshtorg bank granted a US$49.5 million loan for the construction of the hydroelectric plant.
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