Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Andy Stapp - B. Riley & Co.
Andy Stapp - B. Riley & Co.
In your earnings release, you talked about the conditional sales agreements. What conditions are there in these agreements?
George Gleason
Andy, these are typical due diligence requirement type agreements. We feel pretty good about both contracts. All indications are that these are very financially capable borrowers. The buyers they appear to be very serious buyers and interested parties in the properties, but these are big properties and they have all the normal complexities that you would have with a big property, so the contracts are subject to typical standard due diligence requirements, I will emphasize what I’ve said in the call that one of the contracts, the contract on the apartment project, is for $11.5 million.
That project will require us to provide some financing, but the terms of the contract provide the buyers putting in over $3 million of cash equity. The second contract, which is for $18 million and change and should net us about $17.9 million, is a cash contract without any financing requirements. So, until by close, they are not closed, but we think they’re pretty good contracts as these things go.
Andy Stapp - B. Riley & Co.
Do you have the balance of construction and development loans as of quarter end?
George Gleason
I do have that balance.
Andy Stapp - B. Riley & Co.
Also the amount of land loans in that amount?
George Gleason
Well, I don’t have it broken down, but our total construction and land development loans at September 30 were $587 million, that’s down about $31 million from $618 million the prior quarter. Construction land development loans in the previous quarter were 31% of our total loans at September 30; they were 30.4% of total loans, so modest decrease in those balances.
Andy Stapp - B. Riley & Co.
On the Trinity River project, why did the borrower not put in additional cash equity?
George Gleason
Andy, I can’t comment on his motivations, I’m not in his head, but we had expected he would continue to do so and he did not do so. So I can’t tell you any more. I’m surprised he didn’t do so.
Andy Stapp - B. Riley & Co.
I missed the dollar amount of FHLB borrowings that are procuring in May?
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