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Golf Course in Leesburg, VA

Monday, December 18, 2017
Borrower   A Golf Course Developer
Loan   $2,500,000 loan for two years, at 15% for the first year and 18% thereafter.
Collateral   A first lien on 340 Acres near Leesburg, Virginia. The 27-hole course is part of an 1,100 acre residential, golf and equestrian development, and is positioned as a high-end, daily fee golf course with limited semi-private or corporate memberships available.
Guarantors   The four principals of the developer guaranteed their proportionate sahres of the loan.
Purpose   The loan, together with members' initiation fees, was intended to complete the construction of the golf courses.
Exit strategy   The developers plan to re-finance the loan when the course is complete and producing revenues.
Outcome   The loan has been paid in full.




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