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Finance for Development near Charleston, SC

Monday, August 21, 2017
Borrower   A developer in Charleston, SC
Loan   A $6,000,000 three year loan at 12% for the first year,15% the second, and 18% for the third year.
Collateral   A first mortgage secured by 30 developable acres and 6 acres of wetlands located on the four corners of a key traffic intersection within Park West, a master planned community, in Mt. Pleasant, S.C
Guarantors   The owners and principals of the Borrower
Purpose   The Borrowers needed funds to close the purchase of the property. Their time of the essence contract was about to expire, and substantial deposits and investment in soft costs would have been lost.
Exit strategy   The Borrowers plan to repay the loan out of the proceeds of sale of tracts in the property.
Outcome   The Borrower has repaid nearly half of the loan from the proceeds of sale of collateral. The loan is in default.




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