Evening star., 1947-02-18
BuiIderAsksS1OO,O
In Loans by Veterans
To Finish Apartments

A Washington builder Is seek
ing $780, 900 in loans from veterans
which, he said, is needed to in
sure completion of an eight-story
Connecticut avenue apartment hotel.
Seeking loans of $1,000 each from
at least 100 former servlcemen is
Louis A. Montague, 1910 New Hamp-
shire avenue, builder and owner of
the structure now under construc-
ton at 2300 Connecticut avenue at
Kalorama road NV.
| Lenders, he said, will be placed
on the reservation list for apart
ments when the building is ready
for occupancy, expected about Sep
tember l. is
Would Insure Completion.
The 100000 sought from veterans
he added, represents the sum neces-
sary to insure the buildings COM
pletion. With that money and finan-
cling from other sources, he said,
he will have enough to complete
the structure. Without it. he con-
tinued, he might find himself in
the position of being able to almost,
but not quite, finish the building.
The completed structure, he as
serted, will represent a total invest
ment of between $1,200,000 and
81 300, 600.
While the contract calls for a
personal loan, Mr.. Montague in
sisted lenders would be amply pro-
tected by his own investment al
ready made in the project, by other
property he owns and by an $780,
900 loan arranged from an insur-
ance company. =
He argued that the loan he re-
quires for a place on the reserva-
ton list is not out of proportion to
the cash deposit usually required
of any one for whom a home is to
be built.
Loan UnmentiOned in Ads.
In it's recent classified advertise
ments in Washington newspapers he
offered rental reservations for
veterans without mention of the
loan requirement.
Mr.. Montague said inquirers were
told of the loan condition when they
replied to the advertisement.
He added that response to the
advertisement was almost instan-
taneous and that flood of inquiries
has continued since.
He would not say how many ap-
plicants have accepted his props
osition, but said papers are being
drawn up for more than 100 per-
sonS.aaasassyes4sgs .sesss
Speed Urged to Get Reservation.
One veteran who made inquiry
quoted Mr.. Montague as.scatltion-
ing him that. he had better get his
81 900 loan in within a few days If
he wanted to be assured an apart
ment.
Under the form agreements sub
mitted by Mr.. Montague to in
Iquirers the loan could be repaid with
S per cent annual interest at any
time within a year.
The agreement also stipulates
that Mr.. Montague reserves the
right to repay all loans with inter-
est if a total of 100000 in such
loans is not obtained by March 10.
Mr.. Montague acknowledged that
a frequent reply to information
about the required $1,000 loan has
been: Where can get the money!
Doubtful of VA Assistance.
Many have asked, he said, whether
he thought the amount could be
obtained through the Veterans Ad-
ministration.
His invariable reply to the in
quiry about the VA possibility, he
said, has been, IT doubt it." His
suggestion to those pondering on
methods of raising $1,000 has been,
he declared, to consult their lawyer
or their banker.
The Veterans Administration said
Gil loans would not be advanced for
such purpose.
Mr.. Montague said he bought the
building site, comprising nearly
81 900 square feet which he values
at 100000, about two years ago
His original intent, he added, was
to build hotel, the plans being
revised later for the apartment
house now under construction.
| Ground was broken June 20 and
according to the builder, the work
is about 80 per cent complete.
| Mr.. Montague said he personally
has taken care of all the financing
up to now. He added that the site
and the work already done is clear
of Indebtedness.
He said conditions of the $500, ,00O
insurance loan for which he has
arranged will enable him to draw
80 per cent of the total-or $72O, ,00O
while the building is being con-
structed. The final 100000 of the
loan, he added, will not be avail