Loan Request: $5,000
Loan Use: add 3rd story on father’s existing home
Occupants in home: 11
Amount Raised: $5,000 (recycled loan money)
Amount Needed: fully funded
Status: construction complete
Repayment period: 3 years (payoff: April 2016)
Ako Jamal approached EFI to ask for a construction loan since he did not qualify for the new government loans being offered. The government loan has a requirement that the borrower must own the land the home will be built on. Since the land was in his father’s name he was not eligible. They also have a stipulation that it must be a new build; meaning they will not loan money for an addition or renovation. This disqualified the Jamal family to borrow money from the government. They approached EFI to borrow $5,000 to finish a second story on top of their families existing home. The second story will consist of four rooms (living room, kitchen, & two bedrooms). This will be for Ako, his wife, and their daughter. With an expanded home, they have hopes of expanding their family as well!