BCL lends over $1,347,000 in June
In June, Baltimore Community Lending closed three new loans and assisted one of our existing borrowers finance another property. Inhabit, LLC, a contractor working in the Greenmount West neighborhood closed on a $147,450 construction loan to complete 3 homes. This will be the seventh property completed by this new developer and his partner.
Open Bible Baptist Church, as part of its goal of strengthening the housing in its surrounding neighborhood and providing needed affordable housing settled on a $136,295 loan to rehabilitate one property. With support from Ned Fields, BCL inspector, assisted them in creating a set of plans and specifications. G Cooper Construction the contractor. This is the first “gut rehab” project that they have undertaken.
Tadesse & Associates is working in the East Baltimore Development Initiative (EBDI) neighborhood. BCL provided $450,000 in a Guidance Line of Credit (GLOC) to allow that developer enough capitol to continue work on eight properties. Part of the loan went to the developer to reimburse him for the purchase of a number of the properties. Also included in the loan is an interest reserve. Both of these allowances provide support for the contractor to get the work completed while easing pressures on his cash flow. We anticipate that with our capital Mr. Tadesse will continue his outstanding work in East Baltimore.
HomeFree USA, a regional housing development non-profit organization dedicated to strengthening neighborhoods and providing rehabbed affordable homes for families to purchase closed their loan with BCL for $500,000 towards the end of June. This loan took less than 90 days from initial application to closing. We are proud to be able to assist this organization as they work in Edmonson Village, Home wood. Howard Park and Reservoir Hill.
Finally we closed another property under the Stoney Creek Development’s $500,000 GLOC. This $193,864 commitment will continue the work that Stoney Creek is completing in the Charles Village neighborhood. This will be the seventh unit completed by Stoney Creek in the past 2 years with the assistance of BCL.
July promises to be even more productive as we work to finance the continued progress in Baltimore City.
Mr. Carlos Plazas was elected to the Baltimore Community Lending, Inc. Board of Directors. He will assume the role of Treasurer.
At our July Board meeting, the BCL Nominating Committee recommended an approval of Mr. Carlos Plazas to join the BCL Board of Directors and to assume the responsibility of Treasurer.
The Nominating Committee spent a number of months carefully looking for the right candidate to assist us. Mr. Plazas is presently Vice-President of Finance at Planned Parenthood of Maryland. He has extensive experience in accounting and finance for 20 years in various organizations both for profit and not for profit in Baltimore. He was awarded a Master of Science Degree in Accounting and Business Advisory Services from Towson University. We also are impressed with his volunteer experience and community activism which includes participation on the Board of Directors at South East Community Development Corporation and at the Baltimore Convention and Tourism Board.
Teri Guarnaccia, BCL Board Chair stated, “We're thrilled that Carlos is willing to join us - his background and experience bring additional depth to the board, and we look forward to his insights as BCL takes on new opportunities and challenges.”