Loan That Never Is Due Offered Home Builders

From the

The Federal Land banks of the United States gave the farmers of the country cheap, long-time credits on farm land. This credit is in the form of a 34/z-year loan on the amortization plan, payments being made on the principal and interest e4ch six months. In this manner the loan pays out and it has been correctly styled: "The Loan That Never Comes Due."

Frank L. Whitelock. oresident of the Whitelock Lumber Company, 123 North Atlantic. is responsible for bringing a similar plan to this community for the use of homebuilders. When locating in Bell several years ago and organizing the Whitelock Lumber Company, Mr. Whitelock investigated the loans available at that time for home builders. There was nothing available in the way of loans which would give the home builder the money desired and on terms which he could meet.

Mr. Whitelock heard of a company in Minneapolis and immediately got in touch with them. Meeting Ernest F. Smith, president of the Lumberman's Finance Corporation, he perfected an arrangement with them to handle loans on homes in Bell, Cudahy, Maywood and other adjoining communities.

Starting on a small scale, Mr. Whitelock has developed one of the largest loan agencies in Southern California. The Whitelock agency was the first in Southern California for the Lumberman's Finance Corporation, and at the present time is the largest.

The growth of this agency is attributable to the popularity of the loan itself. The nearest thing to most people's hearts is their home. The manner in which they were

Bell Herald able to get it without paying cash down all at once, is a subject they are glad to discuss with friends and neighbors who are desirous of getting a home for themselves. The natural result is that friends and neighbors of the agency's borrowers are coming in daily to make arrangements to secure one of these loans

This loan does for the home builder what the government loan does for the farmer. It is made on the amortization plan, the same as the government loans, the only difference being that payments are made monthly instead of semi-annually. The Lumberman's Finance loans run for 142 months.

The payments on the principal each month is $7, together with interest at the rate of 7 per cent, which makes the first payment on each $1000 borrowed $12.83. Full credit is immediately given on each payment on the principal, therefore each succeeding payment is reduced accordingly.

Three thousand dollars r,vill build a very nice home. The monthly payments on this amgunt is $38.50 for the first month and graduated down during the term of the loan.

The public in general is beginning to realize the folly of paying rent and ending each year with a bunch of rent receipts. They are anxious to own a home of their own. The amortization loan, "The Loan That Never Comes Due," with monthly payments of less than cqstomary rent makes this possible for the people of this community.

By M.A. SHIPMAN, Whitelocli Lumler; Company.