Finance for Purchase of Airport

Saturday, May 25, 2019
Borrower   A real estate developer and speculator in Texas.
Loan   A $8.085 million three-year interest-only loan at 18% rising to 24%
Collateral   A first lien on 204 acres of raw land in Frisco, Texas, that is zoned for single-family development. It will be a master planned community development with homes selling in the $150,000 to $400,000 range.
Purpose   The developer needed the money in order to close on the purchase of the Jet Port in Frisco, Texas.
Exit strategy   he borrower expected to repay the loan out of the proceeds of the sale of sections of the project.
Outcome   The developer failed to close in time on the Jet Port, which the owner sold to another buyer. The loan was repaid in full. - all rights reserved

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