Friday, August 12, 2011
The borrower was given 12 months to receive a discounted pay-off by the original condominium construction lender. Several banks declined the loan but Kendall was able find a lender for the borrower even if he had very high leverage.
Kendall arranged a loan and it closed within two month from the signing of the bank agreement.
The loan is fixed for 3 years at 5%.