| |
| Tuesday, October 7, 2008 |
| Borrower | A real estate developer in Pennsylvania | |
| Loan | A $2,015,000 - three-year loan with interest at 12% for the first year, and 15% for the second and third years. | |
| Collateral | A first mortgage lien on 190 acres of farmland in Carlisle, PA | |
| Guarantors | The principal of the Borrower. | |
| Purpose | The Borrower was able to close on the purchase of the site, which is in a fast developing area of the county. | |
| Exit strategy | The borrower planned to repay us from sale proceeds of parcels of the property when it had been re-zoned. | |
| Outcome | The loan was repaid in full out of the proceeds of a refinancing. |
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