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Springfield Monroe

$1,000,000
Amount Raised
$1,000,000
Goal
100% Complete (success)
100%
No time left
Invest

Raise Details

  • Gross Offering
    $1,000,000 USD
  • Available Units
    0.00
  • Minimum Investment
    $50,000 USD
  • Maximum Investment
    $800,000 USD
  • Open Date
    Jan 01,2019
  • Closing Date
    Jan 31,2019
  • Investment Type
    First Mortgage
  • Maturity
    43 months
  • Real Estate Use
    Office
  • Maturity End Date
    Sep 11,2022

Type

Type Number of Units Available Units Cost per Unit Gross Offering Annual Yield Term
Series A 10.00 0.00 $100,000.00 USD $1,000,000.00 USD 18.00% 43 months
Totals 10.00 0.00 $1,000,000.00 USD

Executive Summary

Chesterfield Faring, Ltd. (“CFL”) obtains great distressed real estate opportunities through its borrower restructuring platform. CFL was hired by Richard Lawrence (the “Debtor”) as his financial adviser to negotiate the purchase of a $3.15 million first mortgage construction loan (the “Construction Loan”) secured by the partially redeveloped property of 518-524 Monroe Street, Springfield, Illinois 62701 (the “Property”) from First Bankers Trust, N.A. (the “Bank”). The offering price was $1.7 million from the Bank. CFL offered $1.0 million but the Bank countered to buy all of the $5.4 million (the “Face Amount”) of the loans (the “Pool”) of the Debtor for $2.1 million. CFL countered and the Bank accepted $1.9 million for all of the Loans. The total acquisition cost of the Loans is $2.1 million (the “Price”) including all closing costs. The closing (the “Closing”) is scheduled for December 6, 2018. The Company and the Debtor have agreed to terms for a loan modification agreement (the “MOD”). The leverage is 38.82% Pool loans to value. The unpaid principal balance of the Pool is $4.5 million (“UPB”) while the value of the underlying collateral is $5.0 million (the “Value”).

Highlights

  • Distressed Debt
  • Attractive Profitability
  • Redevelopment
  • Backed by City of Springfield Tax Increment Financing

Comments

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