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Finance for Condominium Hotel in Biloxi, MI

Monday, December 18, 2017
Borrower   A Florida based developer of Condominium Hotels
Loan   A $12,000,000 three year loan at 12% for the first year,15% the second, and 18% for the third year.
Collateral   A first mortgage on a 12 acre beachfront parcel in the town of Biloxi, Mississippi.
Guarantors   The principal of the Borrower
Purpose   The loan enabled the Borrower to close on the purchase of the property.
Exit strategy   The borrower plans to build a 476-unit condominium complex on the site, and we expect to be repaid out of the construction loan in due course.
Outcome   The loan is in default.




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