Development in Tellico Falls, TN

Borrower		A developer in Tellico Falls, Tennessee
Loan		$4,544,000 three year loan at 12% the first year 15% the second, and 18% the third year
Collateral		a first lien on 25 acres in the Telliquah Preserve in Tellico Falls, TN.
Guarantors		The principal of the Borrower
Purpose		The Borrower needed the funds to finance the ongoing construction and development of the subdivision.
Exit strategy		The Borrower expects to repay us out of the sale proceeds from developed lots.
Outcome		The loan has been repaid in full out of the proceeds of a refinancing.