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Finance for Builder in NJ

Monday, August 21, 2017
Borrower   A builder and developer in New Jersey
Loan   A five year $1,500,000 loan, at 15% for the first year and 24% thereafter
Collateral   A first mortgage lien on a lease on a 2.6 acre parcel near the George Washington bridge, together with second mortgages on eighr properties in New Jersey.
Guarantors   The loan is guaranteed personally by the developer, and by the single-asset corporations which own the pledged properties.
Purpose   The loan was needed for working capital.
Exit strategy   The borrower expected to repay the loan from the sale of some of the mortgaged properties, and from the proceeds of a refinancing.
Outcome   The loan was repaid in full.
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