- Project Name TAMA Project
- Location Migdal
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.