| |
| Borrower | A single-purpose entity created for the transaction | |
| Loan | a three-year $6,500,000 loan at 12% the first year and 18% thereafter. | |
| Collateral | A 14.4 acre parcel in Avon, on the North Carolina Outer Banks. | |
| Guarantors | The principal of the borrower. | |
| Purpose | The borrower is buying the parcel for $19,200,000 from the owner, who took back a subordinate note for $14,200,000. The borrower will develop 51 lots round a lake that will be excavated from land inside the parcel which the seller retained. | |
| Exit strategy | The Borrower expects to pay us back out of the proceeds of sale of the developed lots.l | |
| Outcome | The loan is current. |
© Pubsy.com - all rights reserved
Textures courtesy of the Absolute Background Texture Archive