(#7214) Illinois, $26.4m, debt: Non-performing hotel mortgage loan

This offering consists of two non-performing loans with a total outstanding principal balance of $26.4MM. The debt is secured by a <250-room, full-service branded hotel located in Illinois, including FF&E. The borrower is an Illinois limited liability company. A Delaware limited liability company guarantees the debt on the $24MM first lien. Two individuals (individually and as trustees of separate trusts) guarantee the debt on the junior PIP loan, subject to standard carve-outs. We expect to acquire these loans at approximately 25-35% discount to unpaid principal balance.

Total Loan Balance: $26,380,004

Asset Class: Whole loan

Coupon: 11.48%

Lien Position: First (90%)

Loans: 2

Maturity: 07/31/2020

DSC: 0.90

Collateral Type: Hospitality