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Finance for Farm Property in PA

Monday, August 21, 2017
Borrower   A real estate developer in Pennsylvania
Loan   A $2,015,000 - three-year loan with interest at 12% for the first year, and 15% for the second and third years.
Collateral   A first mortgage lien on 190 acres of farmland in Carlisle, PA
Guarantors   The principal of the Borrower.
Purpose   The Borrower was able to close on the purchase of the site, which is in a fast developing area of the county.
Exit strategy   The borrower planned to repay us from sale proceeds of parcels of the property when it had been re-zoned.
Outcome   The loan was repaid in full out of the proceeds of a refinancing.




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