(#7217) Florida, $2.4m, debenture note: Land deal - Florida condominiums development on fully approved beach lot
Amount: up to $2,350,000 (61% LTV)
Interest: 14% p.a.
Interest Payable: 7% at Closing
7% at Maturity
Property Type: Commercial - condominium tower development approved
Term: 12 Months (Additional 12 Months roll over option).
Prepayment: The debt can be prepaid without any fee or penalty however Interest for full Term must be paid.
Security Interest: First Lien Position , Including condominium tower approvals.