| |
| Friday, July 30, 2010 |
| Borrower | A Casino developer. | |
| Loan | A $3,300,000 - three-year loan with interest at 15% for the first year, and 18% thereafter. There were mandatory repayments of principal which reduced the loan balance substantially in the first year. We re-instated the loan amount to $3.300,000 after one year. | |
| Collateral | A first lien on the developer's half share in revenue streams arising from the development, and a second mortgage on his house. | |
| Guarantors | None. | |
| Purpose | The borrower needed the cash to finance the development of a new casino. | |
| Exit strategy | The borrower planned to repay us from the revenue stream when the first casino reached full operational capacity. | |
| Outcome | The loan has been repaid in full. |
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