| |
| Tuesday, October 7, 2008 |
| Borrower | A Ski resort developer in Idaho. | |
| Loan | A $18,000,000 - three-year loan with interest at 12% for the first year (paid in advance), and 18% for the second and third years. | |
| Collateral | A first mortgage lien on the Borrower's property in Idaho, consisting of some 2,000 acres of mountain suitable for a ski resort . | |
| Guarantors | The principal owner of the borrower, whose net worth was represented as exceeding $100 million. | |
| Purpose | The Borrower was able to meet its obligations to employees and contractors, and continue constructing the ski lifts and other facilities, and proceed towards closing of the first lot sales. | |
| Exit strategy | The borrower planned to repay us from the proceeds of developed lots in the resort. | |
| Outcome | The loan was repaid in full out of the proceeds of an equity infusion by a new investor. The resort development is highly successful. |
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