Drawings as Equity
This week the majority of my time has been spent in communication with a local bank regarding construction financing for the Oakley Home 2.0 @ 3874 Isabella and what all that entails. This exercise has resulted in adjustments to the proforma and supplemental documentation for underwriting purposes. One of the more noteworthy supplemental documents submitted was an agreement between Oakley Home 2 LLC and Architect, Mike Benkert to provide construction drawings for a fee that will be deferred as owner equity in the development, which effectively serves as a down payment towards the construction loan. Architect-Developer Jonathan Segal refers to this drawings-as-equity currency as his 'Jonny Bucks', so I will account for my drawings as 'Mikey Bucks'.
