$8,000/$6,500 Federal Tax Credit
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence. $6500 credit is available to all homebuyers purchasing a primary residence. A binding sales contract must be signed by April 30, 2010 and purchase must be completed by June 30, 2010 to qualify.

Small Business Administration (SBA) Financing
Loans to small business owners to purchase their place of business or live/work units through The Small Business Administration (SBA) has been greatly enhanced by President Obama’s Economic Stimulus plan. Loans approved after February 16, 2009, will be offered with significantly reduced loan fees. The Stimulus Plan completely eliminated the 0.50% SBA Fee charged on the first trust deed bank loan in a 504 loan structure. The plan also reduced the fees associated with the SBA piece of the structure from 2.15% of the loan amount to just 0.625%.

These changes will result in significant savings for buyers looking to finance purchases with SBA 504 loans. For example, consider a $2,000,000 purchase with just 10% down payment. The SBA fees under the old plan would have totaled approximately $5,000 on the bank loan and $17,200 on the SBA loan. With changes announced today, using the same purchase price and down payment, the total SBA fees are reduced to just $5,000 (a savings of $17,200). The new fee structure is expected to remain in place through the balance of 2009.

With respect to interest rates, the current SBA debenture rate is 5.60%. On the bank side, the 5 and 10-year fixed rates are 6.25% and 6.75%, respectively, resulting in a “blended” SBA 504 rate for owner-users of 5.96%.

Conditions for small business to own their place of business or live/work lofts has never been this attractive. As long as you can demonstrate you use 51% of your live/work loft for your business you can qualify and only put 10% down while locking in great interest rates. Plus, using the same property as your place of business and residence allows you to qualify for higher loan amounts.

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Value of Green = Lower Cost to Own

How can $1 = $55,000? The Lofts at Cherokee Studios, the greenest loft building on the west coast, has significantly lower cost of ownership over all other loft/ condo buildings on the market. The reduced cost of ownership due to nearly 50% lower utilities, a preferred “green” mortgage rate and other reduced costs means you can afford a much more refined home for the same monthly payment.

For example, Cherokee's unit #4 will cost only $1 more per month to own than another unit on the market worth $55,000 less. For Penthouse PH 6, the same monthly payment buys you a home $75,000 more valuable! And that doesn't even account for the benefits of living in a home designed to be healthier and more comfortable too!

Call us now to set up tours or to learn more about the Value of Green and how it will lower your monthly cost of ownership.