Shevlin Pine Sales Gompany

Heavy FHA Refinancing Business Los Angeleg Firm Resumes Production

Count on it ! When a residential property sale is made, almost invariably a loan will be negotiated, Wilson G. Bingham, Southern California District Director, Federal Housing Administration, stated.

"Extra funds over and above the amount of the existing mortgage are often necessary to complete a transaction," he said.

"Essential repair funds may be required, or the seller may demand cash funds for his equity, and the generous FHA plan of 80/o of. FHA value loans often fit perfectly into such financial necessities.

"Approximately sixteen-million dollars ($16,000,000) tepresents the amount of loan applications received in the Southern California District office of the FHA, for this type of loan, during the past ten months. Nearly 3,500 separate cases were selected for appraisal. Appraisals are made by long-tested appraisal methods which operate to the advantage of both the borrower and the seller. Often the mortgage is increased to take care of the demands necessary because of transfer of ownership.

"These loans are usually over long periods, since, if qualified, they may be arranged for terms up to twenty years; the interest rate cannot exceed 4%%, plas I of t%o mortgage insurance premium. Under the FHA plan the mortgage debt is steadily reduced throughout the term by equal monthly payments, including interest, insurance and taxes. The mortgage never matures until the last monthly payment falls due.

"Any existing property which meets FHA standards as to physical soundness and location is eligible for these generous mortgages, and lending institutions and the FHA office are now specializing in this activity," Mr. Bingham concluded.

Russell Gheen In Army

Russell T. Gheen, for many years manager of the Los Angeles office of the C. D. Johnson Lumber Corporation, has been commissioned a Major in the Quartermaster Corps of the U. S. Army. He will leave November 16 to report for duty at Chicago.

He is a veteran of World War I, in which he was a Captain in the 128th Field Artillery.

Lumber Company Expanding

Warming Lumber Co., Duarte, is expanding and has leased the nearby Wilson Building for additional storage of lumber and other building materials. A. P. Warming is the owner.

For Defen3e Housing Projects

Central Cabinet Company, with offices and plant at &11 East 59th Street, Los Angeles, is back in the cabinet business again with large contracts for cabinets for defense housing in Southern California, Nevada and Arizona.

This concern, which claims to be the largest manufacturer of built-in cabinets in Southern California, some months ago practically discontinued the manufacture of cabinets to devote its efforts towards securing Government contracts for the manufacture of wooden.parts for airplanes and other war necessities, but now finds itself again active in the production of its own specialty for use in defense housing.

Central Cabinet Company was started in a small way by E. J. Verhoef 12 years ago in a shop, 40 by CI feet, at 37th Street and Long Beach Avenue, Los Angeles. The present plant has 37,W square feet of floor space, and can produce cabinets for approximately 30 houses a day. At times thev have employed as many as 105 men.

Mr. Verhoef, who has spent all his business life in the woodworking business, and who came to California in 1922, is general manager, and is assisted by his three sons, Howard E., Donald O. and Adrian K. Verhoef, who are associated with him in the company. Donald is assistant manager, Howard has charge of the mill and Adrian has charge of the assembly department. C. J. Forster is office manager.

Some of the large projects for which this firm has furnished cabinets are as follows: Government Subsistence Home, El Monte, Calif.; Lakewood City, Long Beach; Carmelitos Housing Project, Long Beach; California 4102X Project, Long Beach; U. S. Army Hospital, Santa Barbara.

Closing For Duration

California Builders Supply, Inc., Seal Beach, closed its vard for the duration of the war. Calif., has

CHRISTIilAS SEALS