| |
| Friday, July 30, 2010 |
| Borrower | A Developer in De Soto County, FL | |
| Loan | A Three year $9,000,000 loan at 12% in the first year and 18% thereafter. | |
| Collateral | A first lien on 308.55 acres of land located in southwest Florida’s Heartland Region in an area called Lake Suzy in DeSoto County | |
| Guarantors | The loan is guaranteed by the principals of the borrower. | |
| Purpose | The loan enabled the developers to close on the purchase of the property. | |
| Exit strategy | The Borrowers hope to repay us out of the proceeds of sale of the developed lots, probably in bulk to builders. | |
| Outcome | The loan has been repaid in full. |
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