Ranch for Subdivision in CA

Saturday, May 25, 2019
Borrower   Builder/developer in California
Loan   a Three year $2,990,000 loan at 11% for the first year, 15% for the second and 18% for the third year.
Collateral   312 acres on Lake Don Pedro, a large reservoir near Modesto, CA. The land can be subdivided into 20-acre lots.
Guarantors   The principal of the borrower.
Purpose   The borrower was able to close on the purchase of the land for $4.200,000.
Exit strategy   The Borrower expects to subdivide the land and to repay us out of the proceeds of the sale of the 20-aacre parcels
Outcome   The Loan defaulted and we have foreclosed on the property. - all rights reserved

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