| |
| Borrower | Californian land developer | |
| Loan | The three-year loan was for $4,400,000 at 15% for the first year and 18% thereafter. | |
| Collateral | 3.75 acres in one of the best undeveloped oceanfront locations in Northern California, between the Monterey Bay Aquarium and the Monterey Plaza Hotel. The developers plan to develop a Waterfront Festival Retail Concept with 150,000 sq. ft. of prime retail space, and 30,000 sq. ft. of open garden and outdoor decks. | |
| Guarantors | none, this was a non-recourse loan | |
| Purpose | The Borrower was able to close on the purchase of the site before his contractual deadline. | |
| Exit strategy | The borrower planned to repay the loan in a short time from the proceeds of construction finance. | |
| Outcome | Local opposition to development stalled the project, which fell behind schedule. The borrower re-financed the loan after three years, and repaid us in full. |
© Pubsy.com - all rights reserved
Textures courtesy of the Absolute Background Texture Archive