and developer in New Jersey
||A five year
$1,500,000 loan, at 15% for the first year and 24%
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.
||The loan is
guaranteed personally by the developer, and by the
single-asset corporations which own the pledged
||The loan was
needed for working capital.
expected to repay the loan from the sale of some of the
mortgaged properties, and from the proceeds of a
||The loan was repaid in full.