To install the aeration system in 2018 our budget included a need for financing some installation costs over 4 years. Assessment funds are being collected over 5 years, but purchase and installation costs will be incurred in years 1, 2 and 3. We continue to work with traditional banks and credit unions on securing a loan but progress has been slow. It is time for a plan B.
We’re initiating a campaign to secure financing through private investors. Investors will earn 6% per year, over 4 years. Interest payments will be made each year. Small principal payments will be made in 2019 and 2020, and large principle payments will be made in 2021 and 2022. Here’s a sample principal and interest payment schedule for a $1,000 investment:
|
Date
|
Principal
|
Interest
|
Total Payments
|
| May 8, 2019 |
$74.07
|
$53.75
|
$127.82
|
| May 8, 2020 |
$74.07
|
$55.56
|
$129.62
|
| May 8, 2021 |
$425.88
|
$51.11
|
$476.99
|
| May 8, 2022 |
$425.99
|
$25.56
|
$451.55
|
|
Totals
|
$1,000.00
|
$185.98
|
$1,185.98
|
Anyone interested in helping may call the hot line at 248-382-8870 to sign up. You can also contact us through the website here. First come, first served!