The ESC-2 seeks to secure a loan for the balance of the construction and renovation costs estimated between $7,000,000.00 - $9,000,000.00, as a non-qualified bank loan with repayment scheduled between ten (10) to fifteen (15) years. It is anticipated that through the initial construction period of approximately twelve (12) to eighteen (18) months, or through June of 2025, ESC-2 will need a line of credit to draw funds as needed, paying interest only on funds drawn until a final loan amount is determined when construction is completed. Then a fixed-rate loan amount will be determined, and the ESC will make principal and interest payments over ten (10) to 15 years according to an amortization schedule. The debt service will be paid from current revenues and will be secured as specified in the loan terms. ESC-2 seeks the most advantageous interest rate and loan structure available with no penalty for pre-payment or early payment.
