| |
| Friday, July 30, 2010 |
| Borrower | A Golf Course Developer | |
| Loan | $2,500,000 loan for two years, at 15% for the first year and 18% thereafter. | |
| Collateral | A first lien on 340 Acres near Leesburg, Virginia. The 27-hole course is part of an 1,100 acre residential, golf and equestrian development, and is positioned as a high-end, daily fee golf course with limited semi-private or corporate memberships available. | |
| Guarantors | The four principals of the developer guaranteed their proportionate sahres of the loan. | |
| Purpose | The loan, together with members' initiation fees, was intended to complete the construction of the golf courses. | |
| Exit strategy | The developers plan to re-finance the loan when the course is complete and producing revenues. | |
| Outcome | The loan has been paid in full. |
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