• 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.