Need financing suggestions

[Community Development Banking List]

Original message from: ljpals@netins.net

I've been working with a historic Opera House, which has been in planned
restoration/renovation phases for several years. This year, it received
$1.5 million from I-JOBS and ~ $700,000 in historic tax credits to fast
track the project... which totals about $3M. The two pools of funds,
however, are only available if the restoration can be completed by
February 2012.

Currently, there is an outstanding balance of $500,000 to complete the
project. We've essentially exhausted local fund raising and are looking
to borrow the remaining $500,000. [A grant would be nice, but our
timeline is extremely tight.] Unfortunately, collateral is a problem.
The Board is willing to offer the building as collateral, but no banks
will look at the deal.

Are you aware of any foundations who may provide loan guarantees or who
may take the building as collateral?

[Community Development Banking List]

Original message from: aharbaugh@caplink.org

I would suggest contacting the Nonprofit Finance Fund since they have a history of financing arts-related projects. They may have some good ideas and would likely be able to provide financing. http://nonprofitfinancefund.org/

Amy Harbaugh
Capital Link
Ph: 301-347-0452
aharbaugh@caplink.org

-----Original Message-----
From: bounce-7317570-8636031@list.cornell.edu [mailto:bounce-7317570-8636031@list.cornell.edu] On Behalf Of ljpals@netins.net
Sent: Wednesday, November 10, 2010 4:49 PM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Need financing suggestions

I've been working with a historic Opera House, which has been in planned
restoration/renovation phases for several years. This year, it received
$1.5 million from I-JOBS and ~ $700,000 in historic tax credits to fast
track the project... which totals about $3M. The two pools of funds,
however, are only available if the restoration can be completed by
February 2012.

Currently, there is an outstanding balance of $500,000 to complete the
project. We've essentially exhausted local fund raising and are looking
to borrow the remaining $500,000. [A grant would be nice, but our
timeline is extremely tight.] Unfortunately, collateral is a problem.
The Board is willing to offer the building as collateral, but no banks
will look at the deal.

Are you aware of any foundations who may provide loan guarantees or who
may take the building as collateral?

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