Builder gets loan for town house project

November 15, 1991|By Ellen James Martin

American Landmark Homes Inc., a residential developer and builder based in Belcamp, said yesterday that it will build 67 town houses just north of Abingdon in Harford County.

The company's two principals have defied the financing squeeze that has nearly paralyzed the local homebuilding industry by offering personal guarantees on the $1.2 million acquisition and developmentloan they obtained from Atlantic Federal Savings Bank in Towson, said George Shehan, one of the partners.

"We don't like making personal guarantees, but they're a necessity these days," said Mr. Shehan. He said that he and his partner, George Porter, would have been unlikely to obtain the loan without pledging they would be personally responsible in the event of default.

Houses in the new subdivision, to be known as "Chapel Gate" and located in Riverside, will cost between $78,900 to $91,000.

Mr. Shehan, president of the Home Builders Association of Maryland, said that the size of the subdivision and the price of the units made the development attractive to Atlantic Federal.

"One of the reasons why the loan happened with Atlantic Federal is that we are in the right market segment. We also had a long-standing relationship with the lender," he said.

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