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In Chicago Dormitory Belt

Monday, December 18, 2017
Borrower   A devloper in Yorkville, Illinois.
Loan   A three year $4,200,000 loan at 12% rising to 18% with a Prime-based floor.
Collateral   A first mortgage on a 64.8 acre tract which is part of a 300-acre Planned Unit Development in Yorkville, Illinois.
Guarantors   The loan is guaranteed by the Borrower's holding company and its principal owner.
Purpose   Our loan will take out the current first and second mortgages and provide approximately $1 million towards infrastructure improvement.
Exit strategy   The Borrower expects to pay us out of the proceeds of sale of developed residential lots and commercial sites.
Outcome   The loan is current.




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