| |
| Friday, July 30, 2010 |
| Borrower | A developer near Blairsville, GA | |
| Loan | A three year $6,060,000 loan at 12% rising to 18%, with a prime based floor. | |
| Collateral | A first mortgage on a 62.3 acre tract in Union County, Georgia. The site, which is close to Blairsville is being developed into a Class A RV park. We will also have a first mortgage on a 34-acre parcel adjoining the collateral. | |
| Guarantors | The principals of the borrower, owners of the collateral. | |
| Purpose | The loan will enable the borrower to refinance existing debt and develop the land as a Class A RV Resort. This will entail siting pads, instaling electricity, sewer, etc, and building a club house, laundry and other suitable amenities. | |
| Exit strategy | We will be repaid out of the proceeds of sale of RV pads. | |
| Outcome | The loan is in default. |
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