Income Stream from Casino

Saturday, May 25, 2019
Borrower   A Casino developer.
Loan   A $3,300,000 - three-year loan with interest at 15% for the first year, and 18% thereafter. There were mandatory repayments of principal which reduced the loan balance substantially in the first year. We re-instated the loan amount to $3.300,000 after one year.
Collateral   A first lien on the developer's half share in revenue streams arising from the development, and a second mortgage on his house.
Guarantors   None.
Purpose   The borrower needed the cash to finance the development of a new casino.
Exit strategy   The borrower planned to repay us from the revenue stream when the first casino reached full operational capacity.
Outcome   The loan has been repaid in full. - all rights reserved

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