| |
| Tuesday, October 7, 2008 |
| Borrower | A real estate developer and speculator in Florida. | |
| Loan | A $3.5 million one-year loan at 18% | |
| Collateral | A second lien on 11 pods consisting of 332 acres and 234 single-family building lots in Frisco, Texas | |
| Guarantors | he developers who personally guaranteed the loan have a combined net worth of over $250 million. | |
| Purpose | The borrower needed the cash to close on the purchase of the project from the seller. | |
| Exit strategy | The borrower expected to repay the loan out of the proceeds of the sale of sections of the project. | |
| Outcome | The loan was repaid in full after four and a half months. |
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