Land of the Outer Banks in NC.

Saturday, May 25, 2019
Borrower   A single-purpose entity created for the transaction
Loan   a three-year $6,500,000 loan at 12% the first year and 18% thereafter. $1,200,000 has been held back to finance the expected development of 51 lots.
Collateral   A 14.4 acre parcel in Avon, on the North Carolina Outer Banks.
Guarantors   The principal of the borrower.
Purpose   The borrower is buying the parcel for $19,200,000 from the owner, who  took back a subordinate note for $14,200,000. The borrower will develop 51 lots round a lake that will be excavated from land inside the parcel which the seller retained.
Exit strategy   The Borrower expects to pay us back out of the proceeds of sale of the developed lots.l 
Outcome   The loan has been repaid in full. - all rights reserved

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