The Bloomfield Hills club, on Long Lake and Kensington roads,has many three and four-figure salary members. They enjoy theclub's swimming, racquetball, dining, tennis and recreationalofferings. The group developed a new clubhouse for $6 million in1997, but didn't take into account the amount of the loan interest,James Elsman tells GlobeSt.com. He's a tennis member of the club,and a senior partner in the law firm Elsman and Associates inBirmingham.
"They didn't figure in the amount of the debt," he reports. "Ifyou take out a $7 million loan, and have 10% interest per year,you're going to have to come up with another $700,000."
He adds that the owners of the club did not figure in theinterest payments when deciding how much money it could pay for theexpansion loan.
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