| |
| Friday, July 30, 2010 |
| Borrower | A devloper in Tooele, Utah. | |
| Loan | A three year $4,500,000 loan at 12% rising to 18% with a Prime-based floor. | |
| Collateral | A first mortgage on a on 337 acres of vacant land southwest of Tooele City, Utah zoned commercial, a secong mortgage behind a first of $3,300,000 on a 28 unit condominium (converted from an elementary school) known as “Camelot Leisure Condominiums” in Tooele City, Utah as well as 486 acres of vacant land zoned commercial southwest of Tooele City. | |
| Guarantors | The loan is guaranteed by the Borrower's holding company and its principal owner. | |
| Purpose | Our loan will take out the existing mortgages and enable the Borrower to complete the conversion of the school to 28 condominium units. | |
| Exit strategy | The Borrower expects to pay us out of the proceeds of sale of developed condominium units and by refinancing the raw land parcels. | |
| Outcome | The loan is current. |
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