| |
| Friday, July 30, 2010 |
| Borrower | A devloper in Yorkville, Illinois. | |
| Loan | A three year $4,200,000 loan at 12% rising to 18% with a Prime-based floor. | |
| Collateral | A first mortgage on a 64.8 acre tract which is part of a 300-acre Planned Unit Development in Yorkville, Illinois. | |
| Guarantors | The loan is guaranteed by the Borrower's holding company and its principal owner. | |
| Purpose | Our loan will take out the current first and second mortgages and provide approximately $1 million towards infrastructure improvement. | |
| Exit strategy | The Borrower expects to pay us out of the proceeds of sale of developed residential lots and commercial sites. | |
| Outcome | The loan is current. |
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