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In Chicago Dormitory Belt

Monday, August 21, 2017
Borrower   A devloper in Tooele, Utah.
Loan   A three year $4,500,000 loan at 12% rising to 18% with a Prime-based floor.
Collateral   A first mortgage on a on 337 acres of vacant land southwest of Tooele City, Utah zoned commercial, a secong mortgage behind a first of $3,300,000 on a 28 unit condominium (converted from an elementary school) known as “Camelot Leisure Condominiums” in Tooele City, Utah as well as 486 acres of vacant land zoned commercial southwest of Tooele City.
Guarantors   The loan is guaranteed by the Borrower's holding company and its principal owner.
Purpose   Our loan will take out the existing mortgages and enable the Borrower to complete the conversion of the school to 28 condominium units.
Exit strategy   The Borrower expects to pay us out of the proceeds of sale of developed condominium units and by refinancing the raw land parcels.
Outcome   The loan is current.




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