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Show Page 14b The Enterprise Review, September 22,' 1976 California Finds Magic Mortgage Rate and Terms e gap in availability is opening up between California and the rest of the nation, according to Advance Mortgage A income-mortgag- Corporation. In California, apartments and rates for typical medium-size- d new shopping centers have dropped to 2 since the first of August. The typical mortgage term is now 30 years. Elsewhere, typical mortgage rates for new construction in these categories remain at Terms range between 28 and 30 These conditions have remained years. essentially unchanged for the last three 9-1- 9-3- market; they are fully committed in single-famil- y loans. Other thrift institutions are in the market only for refinancing of existing projects. Loans on existing projects command rates up to 14 lower than new construction. In California, thrift institutions are so business they are swamped with single-famil- y weeks behind on loan approvals for new or existing apartments. income-mortgag- Benchmark Rates Advance Mortgages benchmark rates for apartment mortgages and end-of-Augu- st for mortgages on medium-size- d shopping centers was 2 The 4 prevailed for newT mortgages outside Califor refinancing of existing fornia, the 2 The apartment-rat- e projects. range has been the same for the past three months, the shopping center rate for the past two. Its benchmark rate for projects secured by 10.44. the strong tenant credit was 4 Standards for approval of income mort- same as last month and two months ago. gages remain strict. Major lenders are on However, slightly more loans are now being guard against overbuilding in areas where made at the lower end of the range. there has been strong apartment activity this The benchmark rates represent Advance year. In Houston, for example, major lenders Mortgages best judgement of typical current now have an informal limit of $3 million on new rates for typical mortgages on new construction apartment loans, though they have no limit on from the institutional investors now in the d office buildings or shopping market. centers. Rates and conditions for individual loans Outside California, Kozloff says, many may vary up or down from the benchmarks lenders are interested only in projects secured depending on such factors as region, location, by strong tenant credit. In many areas, thrift size, delivery date, tenant credits and lease institutions have priced themselves out of the terms, ratio, etc. 9-1- 9-3- 9-3- 4. 9-1- 9-1- credit-secure- loan-to-val- ue New Corps. Continued from page 12b SLC, Ut. 84103; Denis Phelps, same add.; Charles Wood, 1681 N. Willow Way, Logan, Ut. 84321; Rosalind Wood, same add.; Rev. Louis A. Fischer, Price, Ut. 84501; Roland B. Allen, 748 Shiloh Way, Mur, Ut. 84107; Patricia A. Allen, same add. To foster a program of Christian forma- tion to instruct married couples in the means to find Gods plan in their lives. 040-Th- c Holmes Foundation, E. 4800 S., SLC, Ut. 84107, DIR: Michael Harvey Holmes, 701 E. 4800 S., SLC, Ut. 84107; Marian Rosberts Holmes, same add.; Neil R. Savin, 2224 E. 6630 S., Hoi, Ut. 84117. To foster, promote, assist & participate in the advancement of religion. 701 041WorId Engineering & Box 11898 Construction, Inc., SLC, Ut., DIR: Joyce L. Haml, 10601 N. 39th Way, Phoenix, Az 85028; David J. Hamby, 3244 E. Hillery Dr., Phoenix, Az. 80532. In the business as a general contractor. 68-042Ut- ah Property Im- provement Corporation, 425 NewhouseBldg., 10 Exchange Place, SLC, Ut. 84111, DIR: Mirvin J. Kimbrcll, 5043 S. 2450 W., Roy, Ut. 84067; Larry D. Bouwhuis, 4530 S. 2350 W., Roy, Ut. 84067; Charles E. Pomeroy, 5430 S. 865 E., Ogd, Ut. 84403; Brad L. Swaner, 3294 Van Buren, Ogd, Ut. 84401; J. Eldon Checketts, 3711 Adams, Ogd, Ut. 84403. In the business of owning & managing real estate. 043-Kin- Customer Super g Market Inc., 33 Cottonwood Lane, Box 461, Kanab, Ut. 84741, DIR: C. P. Hoover, 33 Cottonwood Lane, Box 461, Kanab, Ut. 84741; Lottie Hildebrand, same add.; A. C. Nielsen, 153 E. 200 N., Box 445, Kanab, Ut. 84741. In the business of owning & manag- ing grocery stores. 044-W. Bulloch, Inc., 1316 Pinewood Dr., SLC, Ut. 84107, DIR: Robert W. Bulloch, 1316 Pinewood Dr., SLC, Ut. 84107; Lucy H. Bulloch, same add.; Robert H. Bulloch, 130 E. 200 N., St. George, Ut. 84770; Bonnie B. Holyoak, 615 San Marco, Rapid City, S. Dakota 67701; Helen B. Tolich, 7221 N. Olive, Gladstone, Missouri 64118. In the business of R. wning estate. & managing real Nielsen Construction Inc., 153 E. 200 N., Kanab, Ut. 84741, DIR: A. C. Nielsen, 153 E. 200 N., Kanab, Ut. 84741; Romona Nielsen, same add.; Douglas Nielsen, same In the business of add. constructing all types of buildings. Electronics Corporation, 252 W. 1300 S., SLC, Ut.,DIR: Rhea Darlene Balding, 3509 Ottawa Dr., SLc, Ut. 84119; Virginia Abraham Continued on page 16b 045-Jo- c 046-Nyto- ne Parker Gains Approval e 4. months. The California combination of rate and terms, explains Advance vice president-incom- e loans Philip H. Kozloff, is equal to a 10.1 constant (annual payment of interest plus A 10 constant is the magic principal). number which many developers have said would revive apartment activity. Elsewhere, the constant ranges between 10.31 and Bank News 9-1- Norton Parker and four other men have won approval from the state Department of Financial Institutions to establish a unit state bank at 2182 South State Street in South Salt Lake City. According to Parker his next step is to apply for approval from the FDIC. Presently Secretary-Treasurof F-- Truck Line, Parker said when the bank is opened he will work full time as a banker, although he expects to retain a role with F-as a board member. Jack Clawson has been chosen as the architect for a building the financiers expect to construct on the site. They have not yet determined the size of the building, although Parker said he expects construction to begin after the first of next year. "We will open in temporary quarters, and then build, he said. Other men establishing the new bank are Jack B. Neilson, G. Laury Miller, John M. Rapp and Martin T. Hart. Although the group originally intended to call their bank 1st Citibank, the New Yorx Bank (First National City Bank, also called Citibank) objected to the name. The Utah men have agreed to select another name. er B B Kaiparowitz Kills Applications 2, The demise of Kaiparowitz has spurred the denial of five applications to establish branch banks from the State . Department of Financial Institutions. The State Bank of Southern Utah of Cedar City, the First State Bank of Salina, Valley Central Bank of Richfield. State Bank of Wayne of Loa and Walker Bank & Trust of Salt Lake City all had applied for permission to establish branches near the planned Kaiparowitz town site. Commissioner W. S. Brimhall denied the applications in the absence of projected economic development of the area. These banks had filed in anticipation of a d electric generating plant being built. The project was shelved when the major proponent expressed lack of interest in pursuing construction. coal-fire- |