Platted Lots in Citrus Springs, FL

Borrower		A developer in Citrus Springs, FL
Loan		A $5,950,000 three-year loan at 12% for the first year, 15% for the second and 18% for the third year.
Collateral		500 platted lots in Citrus Springs, Florida.
Guarantors		The principal of the borrower, who has a net worth in excess of $10 million.
Purpose		to close on the lots for $10.7 million, the balance was advanced by the borrower. The necessary roads will cost some $3.2 million, which the borrower will supply.
Exit strategy		The borrower proposes to repay us out of the proceeds of sale of these lots, which are projected to sell at upwards of $35,000 each.
Outcome		The loan defaulted. We have foreclosed on the collateral.

500 Platted Lots in Citrus Springs, FL