| |
| Tuesday, October 7, 2008 |
| Borrower | A Developer in New York | |
| Loan | A $9,780,000 three year loan at 9% for the first year,15% the second, and 18% for the third year. | |
| Collateral | A first mortgage on the Hudson Valley Resort (formerly the Granite Resort), a 332-room hotel with an 18-hole golf course on a total of 571 acres in Kerhonkson, New York | |
| Guarantors | The two principals of the Borrower | |
| Purpose | The loan enabled the Borrower to close on the purchase of the property. | |
| Exit strategy | The Borrower intends to improve the hotel profitability, increasing occupancy to over 40%. The excess land (some 270 acres) will be developed as single family residences, and the Borrower expects to repay us out of the sale of these. | |
| Outcome | The loan is current |
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