Saturday, May 25, 2019
Borrower   A developer near Blairsville, GA
Loan   A three year $6,060,000 loan at 12% rising to 18%, with a prime based floor.
Collateral   A first mortgage on a 62.3 acre tract in Union County, Georgia. The site, which is close to Blairsville is being developed into a Class A RV park. We will also have a first mortgage on a 34-acre parcel adjoining the collateral.
Guarantors   The principals of the borrower, owners of the collateral.
Purpose   The loan will enable the borrower to refinance existing debt and develop the land as a Class A RV Resort. This will entail siting pads, instaling electricity, sewer, etc, and building a club house, laundry and other suitable amenities.
Exit strategy   We will be repaid out of the proceeds of sale of RV pads.
Outcome   The loan is in default. - all rights reserved

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