| Loan |
Amount | State | Passthrough Rate | Type of Loan | As is LTV | As Complete LTV | Close date | Amort | Recourse | Comments |
|
Rain-Renovation Development | 13,500,000 | NM | 7.750% | Real Estate Secured Development Expansion | 68% | 35% | 10/15/10 | 30 years with Balloon due in 5 years | Full recourse | Exclusive Private Golf Course ; currently in Phase 6 ; strong current sales ytd
|
|
RM-Operations | 1,500,000 | NM | 7.000% WSJP+4.75% with floor of 7.5% | Real Estate Secured Business LOC | 70% | 35% | 10/15/10 | 30 years amort with 5 year balloon | Full recourse | Development |
|
NC-Operations SOLD SOLD SOLD | 5,000,000 | TX | 6.875% | Real Estate Notes Secured Business LOC | 55% | 55% | 10/30/10 SOLD | NA | Full recourse | Real Estate Note Secured Warehouse line of credit to reinvest in local community real estate projects |
|
|
CD-Renovation | 5,000,000 | NM | 7.500% | Real Estate Secured Development Expansion | 75% | 70% | 10/30/10 | 30 years with Balloon due in 5 years | Full recourse | Historical, exclusive B&B expansion
| |
|
EVG-Renovation | 1,200,000 | TX | 7.250% | Real Estate Secured Development Expansion | 70% | 67% | 10/5/10 | 30 years with Balloon due in 7 years | Full recourse | Mental Wellness facility
| |
BDD-Development | 2,100,100 | NM | 7.00% | Real Estate Secured Development Expansion | 53% | 43% | 10/10/10 | 30 years with Balloon due in 6 years | Full recourse with a State GOVT. subordinated 1m guarantee | The subdivision, when fully completed, consists of 222 single family home lots in which 133 lots will be market rate lots and 89 will be designated as “affordable” under the NM homes program. This loan request is for phase 1A which will contain 41 lots on which manufactured homes will be sold. The need for affordability is so strong that the New Mexico Finance Authority has committed to a loan of $1,000,000 which will be fully subordinated |
