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Charter School Business
August 2008 Newsletter
LOOKING FOR CONFLICTS OF INTEREST
BY Brent Van Alfen
"There are “war stories” that abound in the area of charter school facility finance where school boards have been victimized by those who had ulterior motives."
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Thursday, August 28, 2008
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WHAT YOU NEED TO KNOW ABOUT CHARTER SCHOOL FUNDING
Commerical Markets & Money Sources
Understanding the Costs in Getting a Loan
Some Basics in Applying for Funding
Tips to Remember when Applying for Funding
UNDERSTANDING THE COSTS IN GETTING A LOAN
Interest rate
This is the most common method of determining the cost of a loan. Unfortunately, it can also be misunderstood and misrepresented. Also, many borrowers don't realize that there are other significant costs components in a loan.
Points
Points are usually charged at the inception of a loan to cover the costs of evaluating the credit and setting up the loan. They should be considered with the interest rate in analyzing the cost of a loan.
Discounts
This is underwriting terminology describing costs that are deducted from the proceeds of the issue. They have the same effect as points do on the cost of a loan.
Reserve requirements
Money held back from underwriting proceeds or loan proceeds to further secure the lender. Reserves are usually held for purposes such as making payments that the borrower may miss or covering other contingent expenses that may unexpectedly arise. Reserves also may significantly affect the cost of a loan.
Lease rates
Lease rates are probably the most misunderstood of any financial rates. Make sure the rate that is quoted accurately takes into account whether payments are made in advance or arrears and also accounts for advance payments.
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