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| OKC LENDERS |
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| WINGATE PARK - (updated 9/20/03) |
UPDATE |
| Partnership Formed: |
9/11/2000 OKC Lenders, LP (3506109) |
| Loan Status: |
Payoff |
| Borrower / Developer: |
Wingate Realty, Ltd.; Randy Hall / David Mulligan |
| Develop / Project Stage: |
completed lot development |
| Project Name: |
Wingate Park |
| Property Address: |
Westheimer Parkway, Houston, Texas |
| Guarantor: |
Randy Hall / David Mulligan |
| Loan Funding Term: |
18 months |
| Original Loan Amount: |
$2,000,000 (10/23/2000) 15% |
| Principal Balance: |
$1,563,251.00 |
| Stage Funding Due: |
None |
| Title of Property: |
Wingate Realty, Ltd. |
| Lien: |
First |
| Advances by Premiere: |
None |
| Exit Strategy: |
Lot pre-sold to Choice Homes, MUD reimbursement |
| General Partner: |
Washington Advisors GP, LLC |
| Loan Maintenance by: |
Washington Advisors GP, LLC |
| Description of Prop: |
89 residential lot development Westheimer Parkway, Houston, TX, Hwy. 6 just past West Oaks Mall.
10/10/02 OKC Lenders is going quite well. The loan has been paid down significantly. I believe that there is $300,000 I the bank. The developer claims that all lots will be taken down by the end of the year. We hope that this will be the case.
9/20/03 OKC Lenders has been paid the full negociated amount of the loan which is $1,800,000. The loan was not fully funded by managers Money Mortgage, therefore, a $65,000 discount to the borrower was negotiated. Distibutions to the partners will go out in the next 2-3 weeks.
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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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