| |
| Tuesday, October 7, 2008 |
| Borrower | A developer/speculator in Ft. Pierce, FL | |
| Loan | A $3,864,000 three year loan at 12% for the first year,15% the second, and 18% for the third year. | |
| Collateral | A first mortgage on four parcels of real estate on the west of Fort Pierce, Florida. The parcels are contiguous and total 79 acres. | |
| Guarantors | The principal of the Borrower | |
| Purpose | The Loan enabled the Borrower to close on the purchase of the land. | |
| Exit strategy | The Borrower plans to resell the property or to develop it as part commercial and part residential. We expect to be repaid out of the proceeds of sale. | |
| Outcome | The loan has been repaid in full. |
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