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Finance for Speculation on Treasure Coast

Monday, August 21, 2017
Borrower   A developer/speculator in Ft. Pierce, FL
Loan   A $3,864,000 three year loan at 12% for the first year,15% the second, and 18% for the third year.
Collateral   A first mortgage on four parcels of real estate on the west of Fort Pierce, Florida. The parcels are contiguous and total 79 acres.
Guarantors   The principal of the Borrower
Purpose   The Loan enabled the Borrower to close on the purchase of the land.
Exit strategy   The Borrower plans to resell the property or to develop it as part commercial and part residential. We expect to be repaid out of the proceeds of sale.
Outcome   The loan has been repaid in full.




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