FINANCIAL_SERVICESAPPROVED

Virtual Preparatory Academy at Lucerne Board Meeting Agenda June 2023

Charter Asset Management Provides $1M Capital Loan to VPA Lucerne

$1,000,000.00 (net amount funded), $1,049,376.35 (factored amount), cost of capital $49,376.35Southern California Flex Academy DistrictCHARTER ASSET MANAGEMENT FUND LPJune 27, 2023

Trusted by teams at

Description

The Virtual Prep Academy at Lucerne Board approved a $1,000,000 capital loan from Charter Asset Management Fund, L.P., to fund school operations. The agreement includes a $49,376.35 cost of capital and secures CAM a first position security interest. Funding closes June 30, 2023 and repayment is scheduled from September to December 2023.

Contract Details

Contract Amount

$1,000,000.00 (net amount funded), $1,049,376.35 (factored amount), cost of capital $49,376.35

Vendor

CHARTER ASSET MANAGEMENT FUND LP

Agency

Southern California Flex Academy District, CA

Contract Type

FINANCIAL_SERVICES

Document Date

June 27, 2023

Contract Term

Closing Date: June 30, 2023; Repayment scheduled September–December, 2023

Renewal Date

2023-12-31

Renewal Info

Agreement is not auto-renewing. Repayment expected via listed apportionment receipts by December 2023. Future engagements would require separate approval.

More from CHARTER ASSET MANAGEMENT FUND LP