| |
| Borrower | A real estate developer and speculator in Texas. | |
| Loan | A $8.085 million three-year interest-only loan at 18% rising to 24% | |
| Collateral | A first lien on 204 acres of raw land in Frisco, Texas, that is zoned for single-family development. It will be a master planned community development with homes selling in the $150,000 to $400,000 range. | |
| Guarantors | ||
| Purpose | The developer needed the money in order to close on the purchase of the Jet Port in Frisco, Texas. | |
| Exit strategy | he borrower expected to repay the loan out of the proceeds of the sale of sections of the project. | |
| Outcome | The developer failed to close in time on the Jet Port, which the owner sold to another buyer. The loan was repaid in full. |
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