Aspen Springs Assisted Living Center
The borrowers, Walter and Marcy Larsen, had self-financed the construction of an assisted living center in Spirit Lake, Idaho. They financed construction of this eight-unit facility by borrowing against life insurance ($17,000), using credit cards ($40,000), and obtaining two signature notes from Wells Fargo ($40,000). In addition, the engineer on this project has financed his work ($3,000).
The CDFI provided to the Larsen's a $100,000 fifteen year, 6.25% fixed interest rate loan to refinance these debts. Borrowers own a construction company and built the center adjacent to their home on land they own. The center appraised for $370,000. Marcy Larsen possesses the requisite license to operate the facility and she does so.
This project provided eight vitally needed assisted living units in a remote portion of rural Idaho and it created four permanent year round full-time jobs. The desire for many elderly people living in rural communities is to "age in place," that is to remain close to their long-term home areas. Aspen Springs provides that opportunity in northern Idaho.
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