Finance for Development in Florida

Saturday, May 25, 2019
Borrower   A real estate developer and speculator in Florida.
Loan   A $13 million three-year loan at 15% for the first year and 18% thereafter.
Collateral   A second lien on a 380-acre development in Orlando, Florida, together with a championship golf course.
Guarantors   The 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 development was successful and the loan was paid off in full. - all rights reserved

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