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500 Platted Lots in Citrus Springs, FL

Monday, December 18, 2017
Borrower   A developer in Citrus Springs, FL
Loan   A $5,950,000 three-year loan at 12% for the first year, 15% for the second and 18% for the third year.
Collateral   500 platted lots in Citrus Springs, Florida.
Guarantors   The principal of the borrower, who has a net worth in excess of $10 million.
Purpose   to close on the lots for $10.7 million, the balance was advanced by the borrower. The necessary roads will cost some $3.2 million, which the borrower will supply.
Exit strategy   The borrower proposes to repay us out of the proceeds of sale of these lots, which are projected to sell at upwards of $35,000 each.
Outcome   The loan defaulted. We have foreclosed on the collateral.




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