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Skating Rink Complex in NJ

Monday, August 21, 2017
Borrower   Owner and Operator of a Skating Rink Complex.
Loan   A $4,250,000 - three-year loan with interest at 12% for the first year, and 18% for the second and third years, later re-structured as a $5 million loan at 18%.
Collateral   A first mortgage lien on a skating rink complex in Wall Township, NJ. The complex has three rinks and associated buildings. Wwe believe that it is worth at least $8 million
Guarantors   The borrower's principals.
Purpose   The Borrower was in default on its obligations, and our loan was made as part of a complex debt re-structuring.
Exit strategy   The borrower planned to repay us from re-financing proceeds when it obtained alternative finance.
Outcome   The loan went into default almost immediately. One year later it was re-structured with interest rolled up into principal at just over $5 million and an increased interest rate of 18%. The restructured loan went into in default, and the principals of the borrower managed to re-finance the loan. We were paid in full.




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