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Lewes, Delaware
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June 7, 1996     Cape Gazette
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June 7, 1996

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40 - CAPE GAZETTE, Friday, June 7 - June 13, 1996 BUSINESS & REAL ESTATE Sea Grille new.crowning gem atop Henlopen Hotel This photo shows the dining room of the newly decorated Sea Grille Restau- rant on the top floor of the Henlopen Hotel. in the bright rooftop restaurant overlooking the ocean, people can savor the beachy atmosphere," June explained. At night, they can gaze out at the glitter- ing lights of passing ships and Boardwalk strolling as they enjoy the fresh seafood and grilled entrees in which the Sea Grille spe- cializes. "Our menu at the Henlopen differs significantly from that at the Sea Horse, where the all-you-can-eat buffets are very popular with the families," June said of the upscale nouveau Sea Grille offerings. Diners can choose from such appetizers as Blue Crab and Artichoke Gratinee, fea- turing jumbo lump crab and artichoke blended with wine, cream and a three- cheese mixture, or Tenderloin Carpaccio, seared beef served with roasted red peppers, charred onion, boursin cheese and tarragon aoli. A choice of three salads, including water- cress laced with fresh berries, nuts and a raspberry zinfandel vinaigrette, are fol- lowed by a diverse selection of entrees. Tried and true grill items such as filet mignon, grilled yellowfin tuna, whole Maine lobster and roast rack of lamb vie for By Trish Vernon The Henlopen Hotel, a landmark standing proudly at the north end of the Rehoboth Beach Boardwalk, has undergone many transformations since it was rebuilt in the early 1970s. Recent!y, the 93 guest rooms were com- pletely renovated and now, Rehoboth Beach's only rooftop restaurant, formerly known as the Horizon Room, has reopened as the Sea Grille, under the management of The Sea Horse Restaurant's Rod and June Pettigrew. "We're very excited about this new ven- ture," June said, adding, "It's a great loca- tion and offers a magnificent view. We also provide catering and accommodate ban- quets and conventions." Accessible from the hotel lobby elevator, which whisks diners to the eighth floor, the Sea Grille's most prominent feature is the commanding vista afforded not only direct- ly outat the ocean, but also to the north and south - all the way to Cape May on a clear day. By day, patrons can observe the sun and fun on the beach as the light dances off the waves, partaking in the Sunday Champagne Brunch the Sea Horse has made famous, as" well as daily breakfast and lunch, the latter which will be offered beginning later this month. (The Sea Grille is closed Mondays through June.) "During the winter months, the Sea Horse is a great setting for Sunday Brunch, but in the summer most people want to be by the beach during the day. By serving the brunch sauce, as we.ll as a seafood pasta brimming with shrimp, lobster, scallops and New Zealand mussels tossed with tomato basil and spinach fettucini in a fresh herb cream sauce. June also noted that the homemade desserts for which the Sea Horse is known are also found-at the Sea Grille. In between courses, diners can dance to the music being offered a couple of evenings a week, with live entertainment also being introduced. The Pettigrews will continue to spend much of their time at the Sea Horse, but capable veteran staffers such as Rosemary Forbes will be overseeing the Sea Grille. Beth Webb is day manager, with Tom'Gile seeing to everything during the evening. The dining room, which seats 150 people, and adjoining raised lounge area, have been redecorated in warm earthy hues, soon to be accented by fresh palms which will add to the elegance of the decor. The Henlopen Hotel management has taken over responsibility for the rooftop restaurant, having recently acquired a hotel liquor license which will provide for more extensive room service Offerings. "Having the Pettigrews overseeing the restaurant really completes the package here at the Henlopen," said General Manag- er Stephen Collins, of the "meticulously .appointed hotel rooms, meeting facilities and now a first class restaurant all under one attention with the potato crusted salmon ill- roof. There was a lot of interest from local let, tornadoes of beef served with a fresh business interests in leasing the restaurant, horseradish sauce and shitake Madeira Continued on page 42 I I There are many home f'mancing options Since there are many situations which require creative financing options, several different rate and payment plans have evolved. Here's an overview of a few pro- grams available to you. Conventional loans - When borrowing money with a conven- tional loan, it usually comes in some way from the capital mar- kets or an institutional lender. These loans are made without government backing. Private Mortgage Insurance may be need- ed, but it depends on the financial situation and the home being pur- chased. A conventional loan can usually be acquired with a 5 per- cent down payment or as low as 3 percent. Ordinarily, conventional loans have a higher maximum loan amount than other loans, often up to $1 million. Federal Housing Administra- tion loans - If buying a home that houses from one to four families, an FHA loan may want to be con- sidered. They're insured by the Federal Housing Administration. FHA loans usually allow a home purchase with a smaller down payment, a more liberal evalua- tion of qualifying ratios and fewer restrictions on gift funds for clos- ing. FHA requires borrowers to pay an upfront and monthly insur- ance premium to protect lenders from default. FHA loans are assumable to qualified buyers. Veterans Administrative loans - Active service duty per- FINANCIAL FOCUS Barbara Brittingharr sonnel and qualified military vet- erans with more than six months service are eligible for Veterans Administration loans. The VA makes it possible to buy a home with no money down. There is usually a funding fee charged at closing to cover default risk, but it can be reduced based on the amount of the down payment. As with FHA loans, the qualifying ratios, gift funds and underwriting guidelines for VA-insured loans are much more liberal than under- writing guidelines for convention- al loans. Qualified buyers may also assume VA loans. Fixed rate mortgages - Fixed rate mortgages are attractive tO borrowers who prefer a fixed monthly payment. They!re also popular with borrowers who have a fixed monthly income. The interest rate remains the same over the entire term of the loan. There are many options on monthly pay- ments with fixed rate mortgages. Adjustable rate mortgages - Typically, the initial interest rate is lower with an adjustable rate mortgage. As the name suggests, Arms have variable interest rates and are tied to one of many speci- fied economic indexes. When the index goes up and down, the inter- est rate follows. Accordingly, interest rate adjustments are made at specified intervals, anywhere from every six months to every 10 years. Most loans offer caps that limit the upward and downward movement of the interest rate Some ARMs can be converted to fixed rate loans after a specified time. Balloon mortgages - Balloon loans give the advantage of having a lower interest rate for the first five or 10 years of the loan Then the entire balance becomes due. At that time, you'll have a chance to refinance the balance or reset at a fixed rate for the remaining term of the loan. Community home buyer pro- grams - Community home buyer programs are typically designed to make homes more affordable for first time buyers and low to mod- erate income buyers. Usually, qualifying ratios are more gener- ous and down payments can be smaller with this type of loan. Some CHB loans will even allow part of the down payment to be a gift. CHB programs can also be funded through government agen- cies or institutional investors. Rehabilitation loans - There are several different loan pro- grams combining the cost of pur- chasing a home with the cost of improving it. One may buy a home and begin to repair, refinish, improve or add rooms. The pur- pose of these loans is to promote home ownership and facilitate the restoration and preservations of existing homes. Points and closing costs - The monthly payment and loan amount aren't only affected by the type of loan. They are also affect- ed by discount points and closing costs. One may buy discount points to help lower the interest rate. Usually points paid are tax deductible. Closing costs help lenders cover the cost of getting the loan approved They usually reflect fees for origination, appraisal, credit reports, tax ser- vice and underwriting. Charges for final inspection, document preparation, attorneys, lender's title insurance, recording fee, intangible tax, survey notaries and delivery are also customary. Choosing a loan begins at home - Take a look at the finan- cial situation in deciding loan eli- gibility and what makes the most sense. How long one plans to live in the home and how much one can afford in a down payment, closing costs and monthly housing expenses. Average monthly income. Credit history, willingness to take payment risk, military service and how closing costs and dis- count points can be settled. Barbara Brittingham is a mort- gage banker with Entrust, the home financing division of the Long Island Savings Bank. She can be reached at 800-753-1238, or 645-5515.