| |
| Tuesday, October 7, 2008 |
| Borrower | The owners and operators of a 3 1/2 star hotel near Belize City, Belize. | |
| Loan | A $740,000 three year loan at 15% for the first year and 18% thereafter. | |
| Collateral | The main building and beach front of the hotel, together with 16 1-bedroom units and two 2-bedroom units (the rest have been sold as "condos" and are part of a rental pool where the owner receives a portion of the rental income). Each unit has a beautiful and expansive view of the ocean. | |
| Guarantors | The loan is guaranteed by the American owners of the Hotel. | |
| Purpose | They planned to upgrade the furniture in an attempt to get their 3½ star rating increased to 4 stars. | |
| Exit strategy | The owners plan to repay us out of proceeds of condominium sales, or from a refinancing of the hotel. | |
| Outcome | The loan was repaid in full. |
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