Kehilat Zion 6-8, Herzylia

OVERVIEW :  Original building > 24 apartments on 3 floors.   Plan to add 2.5 new floors & 20 new apartments

ORIGINAL LOAN:  Advanced 3,300,000  August 2015  + 2,000,000 November 2015 + 1,200,000 July 2016   /   3,00,000 due May 2017 + 3,500,000 due July 2017

LOAN REPAYMENT:  TOTAL 6,500,000 was repaid on July 2017 /  The developer requested an extension of 2 months on the 3,000,000 due on May 2017.

BONUS (interest) paid:  Lenders were paid full bonus on August 2017.  Average Bonus rate was 16.8% per year.  Lenders were paid a rate of 20% per year for the 2 month extension period.

OVERVIEW : Original building > 9 apartments on 3 floors. Adding 2.5 new floors & 7 new apartments
ORIGINAL LOAN: Advanced 3,000,000 ; January 2016
LOAN REPAYMENT: TOTAL 3,730,000 was repaid on March 2018
BONUS (interest) paid: Lenders were paid full bonus on March 2018. Average Bonus rate was 15.7% per year.
DESCRIPTION : Project is nearly finished

OVERVIEW :  Loan to developer for large waterfront property on Kinneret. (not a TAMA deal).   We received the first mortgage.  Developer was considering building a luxury hotel, but decided to sell the land to another hotel development group

ORIGINAL LOAN:  Advanced 5,000,000 ; Sept 2016  + 5,000,000 Nov 2016.   10,000,000 due Sept 2017 (1 year loan)

LOAN SCHEDULE:  6,000,000 was repaid on July 2017 (2 mths early).  Balance of 4,000,000 repaid Sept 2017

BONUS (interest) paid:  Lenders repaid full bonus on Sept 2017.  Average Bonus rate was 15.0% per year

DESCRIPTION :  This developer was originally planning to build a luxury hotel on the property.  He received an excellent offer to sell the land to another hotel developer – which he did.  He paid out a large portion of our loan early, at full interest.  We are now evaluating additional Kinneret projects with him.