Marina near Georgetown, SC

Borrower		A developer in South Carolina
Loan		$1,380,000 three year loan at 12% the first year 15% the second, and 18% the third year
Collateral		a first lien on the 58 unsold slips in the Friendfield Marina in the Harmony development near Georgetown, SC.
Guarantors		The principal of the Borrower
Purpose		The Borrower needed the funds to finance the ongoing development of the multi-phase subdivision.
Exit strategy		The Borrower expects to repay us out of the sale proceeds on the boat slips.
Outcome		The loan is current.