The following schedules of building loan payments are appended, as tentative forms in general use by some of the large loaning companies:

In figuring the amount of money to be advanced on each payment, there are various methods. Every operation is different and must be figured independently. There is no exact rule for figuring payments. Some very general rules might run as follows: It costs 30 per cent of the total cost to enclose a five-story corner apartment house; 35 per cent of the total cost to enclose a six-story inside elevator apartment house, and 38 to 40 per cent to enclose a six-story corner elevator apartment house. It costs about 50 per cent of the total cost to enclose a fireproof apartment house, and about 60 per cent of the total cost to enclose a fireproof loft building. Office buildings may be figured on almost the same basis as apartment houses.

If these figures were to be used as a basis, it might be proper to consider, if the estimated cost of a six-story elevator apartment house, to be built on a corner plot 100x100, is $150,000, that it would cost 40% of this, or $60,000 to enclose the building. Then $40,000 would be two-thirds of the cost, and the proper advance at the time the building was enclosed on account of a building loan of, say, $100,000. In addition to this, the lender would also advance two-thirds of the value of the land, so that in an operation as above described, where the land was worth $90,000 and the building $150,000, a building loan of $160,000 would be two-thirds of the estimated value, and the total of all payments made at the time the building was enclosed would aggregate $100,000.

Typical Schedule Of Payments For A Six-Story Elevator Apartment House

1st - When the side and rear walls are up to the second tier of beams, the second tier of beams laid, the front walls up to the first tier of beams, and the sewers into the building line, out of which sufficient money is to be retained to retire prior mortgage of......and accrued interest up to date of payment................

2nd - When the side and rear walls are up to the fourth tier of beams, the fourth tier of beams laid, and the front walls up to the second tier of beams............

3rd - When the side and rear walls are up to the sixth tier of beams, the sixth tier of beams laid, and the front walls up to the fourth tier of beams..........

4th - When the building is fully enclosed, roof watertight, cornices, skylights and copings on, leaders from the roof connected with the sewer ......

5th - When the fireproof floor arches are set in the first tier of beams, studding and partitions are set, rough flooring down, rough plumbing completed, steam risers, gas pipes, speaking tubes and electric wiring completed ..................................

6th - When the scratch and brown coats of mortar are on, rough lead work completed, tested and accepted

7th - When the white coat of mortar is on, stairs stepped up with temporary treads, stone work all completed, and boilers and hot water heaters set, elevator enclosure completed and elevator machinery in ...

8th - When the standing trim including base Is completed, sashes in and glazed, tiling completed, excepting main hall on first floor, and yard and cellar cemented, elevator car delivered ........................

9th - When the doors are all hung, except vestibule doors, steam heating plant completed, excepting radiators, mantels set, tubs and refrigerators in, sidewalks cemented, elevator car running.........................

10th - When the building is completely finished, excepting decorations ..........................

Typical Schedule of Payments for a Twelve-story