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| GRAND ISLAND MORTGAGE |
HOME |
| GRAND MISSION (updated 1/31/03) |
UPDATE |
| Partnership Formed: |
Grand Island Mortgage, LP 5/24/2001 (3541830) |
| Loan Status: |
Property Option Sold ($1.2MM) |
| Borrower / Developer: |
Sonrisa / Greenwood, Ltd including Randall Hall and Todd Ruble |
| Develop / Project Stage: |
Raw land and extent of platting is unknown; may be some platting if there are MUD receivables |
| Project Name: |
Grand Mission |
| Property Address: |
Ft Bend County, TX |
| Guarantor: |
Randal M. Hall, Tod A. Ruble |
| Loan Funding Term: |
24 month due 6/1/2003 |
| Original Loan Amount: |
$4,500,000 15% 5/30/01 |
| Principal Balance: |
$3,547,161 |
| Stage Funding Due: |
Unknown |
| Title of Property: |
Sonrisa/Greenwood, Ltd. subject to TXI Operations LP seller financing with 90 day time limit to pay off the first lien |
| Lien: |
Second |
| Advances by Premiere: |
Unknown |
| Exit Strategy: |
Sale of lots |
| General Partner: |
Grand Island Mortgage GP, LLC - Steve Ganns; eMail |
| Loan Maintenance by: |
Grand Island Mortgage GP, LLC |
| Description of Prop: |
563 acres of which 100 acres is Phase I is ready for construction Collateral for the loan also includes MUD reimbursements. If all estimated construction work is performed, the total estimated MUD reimbursements are $2,606,403.66 after installation of water sewer drainage, detention system, water drainage system from Mission Village Section 1, water sewer and drainage for the sections 2 and 3, and the water supply and storage facility.; This borrower is in bankruptcy. In the bankruptcy case (Case No. 01-40694), Sonrisa/Greenwood, Ltd.'s plan of reorganization indicates that it does not intend to re-pay its loan from Grand Island Mortgage, L.P. According to the borrower, the entire transaction was illegal and usurious. Note: the principals of this borrower have multiple loans with Money Mortgage.
From David Lapin GP 12/17 There was a bankruptcy hearing for the borrower on this loan on December 17,2001. At that time, a motion to lift a stay on the foreclosure of the property was delayed until January 9, 2002. At that time, TXI will attempt to lift the stay and begin foreclosure proceedings against the borrower and the partnership (2nd lien position). Should TXI prevail, the earliest that the subject property could be foreclosed on would be the first Tuesday in February. Counsel for the borrower seems convinced that the stay will not be lifted as the borrower was given until February to submit a plan for reorganization. In addition the borrower has indicated that Beal Bank is very interested in paying off the first-lien (held by TXI) and working with borrower to develop the property.
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Photo of Property, if available:
Notice: The information contained in this summary has been acquired by several sources; there are no warranties expressed or implied as to its accuracy and completeness. All information should be independently verified. Nothing contained on this site should be construed as legal advice. If you have legal issues, you should consult an attorney.
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