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Finance for Development near Dallas, Texas

Monday, August 21, 2017
Borrower   A real estate developer and speculator in Florida.
Loan   A $3.5 million one-year loan at 18%
Collateral   A second lien on 11 pods consisting of 332 acres and 234 single-family building lots in Frisco, Texas
Guarantors   he developers who personally guaranteed the loan have a combined net worth of over $250 million.
Purpose   The borrower needed the cash to close on the purchase of the project from the seller.
Exit strategy   The borrower expected to repay the loan out of the proceeds of the sale of sections of the project.
Outcome   The loan was repaid in full after four and a half months.




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