Island in the Sun

Borrower		A special purpose corporation set up by an investor group.
Loan		A $9,000,000 - three-year loan with interest at 12% for the first year , and 14% for the second and third years. Subsequently we made an additional loan of $12 million at 15%.
Collateral		A first mortgage on the borrower's property in the Bahamas, together with pledges of the shares of the borrower and its subsidiaries.
Guarantors		The members of the group, whose net worth was represented as exceeding $300 million.
Purpose		The borrowers were able to close on the purchase of the property, and start the renovations and improvements needed to develop the marina and create housing lots.
Exit strategy		The borrower plans to repay us from the proceeds of developed lots and housed built on them in the first phase of development, and the proceeds of sale of marina berths.
Outcome		The loan has been repaid in full.

Finance for Island in the Sun