| |
| Tuesday, October 7, 2008 |
| Borrower | A builder and developer in New Jersey | |
| Loan | A five year $1,500,000 loan, at 15% for the first year and 24% thereafter | |
| Collateral | A first mortgage lien on a lease on a 2.6 acre parcel near the George Washington bridge, together with second mortgages on eighr properties in New Jersey. | |
| Guarantors | The loan is guaranteed personally by the developer, and by the single-asset corporations which own the pledged properties. | |
| Purpose | The loan was needed for working capital. | |
| Exit strategy | The borrower expected to repay the loan from the sale of some of the mortgaged properties, and from the proceeds of a refinancing. | |
| Outcome | The loan was repaid in full. |
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