| |
| Tuesday, February 7, 2012 |
| Borrower | Factory buyer in Jeffersonville, IA | |
| Loan | A $1,800,000 - five-year loan with interest at 12% for the first year, and 18% for the remaining years. | |
| Collateral | A first mortgage lien on industrial buildings containing 280,279 square feet and 30 acres of land at in Jeffersonville, Indiana, and valued at $3 million. | |
| Guarantors | The borrower's owner. | |
| Purpose | The Borrower wanted to buy the factory, which was very attractively priced. Time was of the essence, as the deal had to close quickly or it would be lost. | |
| Exit strategy | The borrower planned to repay us from re-financing proceeds. | |
| Outcome | The loan was re-financed within three months, and we were repaid in full. |
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