| |
| Borrower | A golf course and residential developer. | |
| Loan | A one-year $1,500,000 loan at 15%. | |
| Collateral | A first mortgage on 629 acres of property located on the Lake of The Ozarks near Camdenton, Missouri, which is being developed into residential lots built around a Tom Weiskopf "Signature" golf course. | |
| Guarantors | The loan was guaranteed by the borrower's wife. | |
| Purpose | The loan was a temporary bridge loan to enable the developer to start the construction of the project while he lined up permanent financing. | |
| Exit strategy | The borrower expected to repay us out of the permanent financing. | |
| Outcome | The refinancing was successful, and our loan was repaid after one year. |
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