Verschuur, LeRoy L.
In August, Mr. Sam Best, the Director of Bests Preschool, a non-profit preschool with four school locations, approached Mr. Jones, a loan officer of the First Savings and Loan Association, about financing a new school building. First Savings and Loan was carrying the loan on one of the school’s new buildings. Mr. Jones had indicated they were willing to finance the new project several months ago when it was in the planning stages. At that time, interest rates on this type of project were approximately 8 1/2 - 8 3/4 percent with a minimum down payment of 25 percent. The money market had tightened up severely since then. The prime rate had risen to 9 1/4 percent (an all time high), and long term mortgage money was in short supply. Mr. Best expressed concern over the high interest rates, but he felt that they should go ahead with the project.
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