Condominium development
Greenville, South Carolina
Profile
A 5.8 acre parcel located in downtown Greenville, South Carolina. The current developer has met the bank’s pre-sale requirements and has been personally providing all working capital in the project up to this point. Developer has targeted a second similar parcel and must acquire before option expires. GDR will provide a first mortgage loan against the existing project property in order to facilitate second parcel acquisition. GDR will be taken out in whole, plus a spread, by the closing of the construction loan on the existing project.
Expected closing
July, 2005
Borrower
Southcorp Development & Investments, LLC.
Principal amount
$1,750,000
Instrument
Secured Bridge Loan
Term
9 months
Interest rate
12.7% per annum
Security
First mortgage on land parcel valued at $2,500,000
Bonus
Spread between actual loan amount & mortgage payoff
