| |
| Tuesday, October 7, 2008 |
| Borrower | A Florida based developer of Condominium Hotels | |
| Loan | A $12,000,000 three year loan at 12% for the first year,15% the second, and 18% for the third year. | |
| Collateral | A first mortgage on a 12 acre beachfront parcel in the town of Biloxi, Mississippi. | |
| Guarantors | The principal of the Borrower | |
| Purpose | The loan enabled the Borrower to close on the purchase of the property. | |
| Exit strategy | The borrower plans to build a 476-unit condominium complex on the site, and we expect to be repaid out of the construction loan in due course. | |
| Outcome | The loan is in default. |
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