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| RANGER MORTGAGE GROUP, LP |
HOME |
| TEXAS PERFECTION RANCH (updated 12/31/05) |
UPDATE |
| Partnership Formed: |
9/26/01 #1 Ranger Mortgage Group, LP (1953230002) EIN 68-0505915 |
| Loan Status: |
Foreclosed 6/26/01; Property Sold 2/3/05 |
| Borrower / Developer: |
none |
| Develop / Project Stage: |
Stopped |
| Project Name: |
Texas Perfection Ranch |
| Property Address: |
Montgomery County, Texas |
| Guarantor: |
None |
| Loan Funding Term: |
12 months |
| Original Loan Amount: |
$6,000,000 15% 7/11/2000 |
| Principal Balance: |
$5,430,152.00 |
| Stage Funding Due: |
None |
| Title of Property: |
#1 Ranger Mortgage Group, LP |
| Lien: |
First |
| Advances by Premiere: |
$242,195.57 |
| Exit Strategy: |
Sale of Lots |
| General Partner: |
Jefferson Advisors GP, LLC |
| Loan Maintenance by: |
Jefferson Advisors GP, LLC |
| Opinion: |
Kevin Kneisley 7/11/00 |
| Description of Prop: |
39 residential lots; property includes a 2-story lodge style home (approx 4,200 sq ft), and community barn. Needs maintenance. GP advisory committee is working on this project at this time to complete utilities, streets, and do minor repairs to home and barn. 457.91 acre rural estate subdivision with equestrian improvements.
1/20/03 The partnership has received an earnest money agreement for the entire amount of lots and improvements (barn, home, amenities) for $4MM. The advisory committee is negotiating with the potential purchaser.
4/15/04 The partnership has received a suit from Montgomery County for back taxes owed in the amount of $148,561. A raise of cash from partners has been made by the general partner.
6/30/04 The partnership has paid the property taxes through a bank loan and investor loans for 2003 and past years. The partnership has been sued by property owners acting as the property owners' association, which seek to obtain amenities and common areas that were deeded to the partnership upon the default by the borrower.
8/11/04 The partnership and the property owners which were acting as the Property Owners Association have settled the suit. The partnership and property owners agree to re-establish the POA, and to cooperate going forward in the sale and development of the property.
12/10/04 The partnership accepted an agreement to purchase the property, which details were emailed to the partners. The closing should be early February.
2/3/05 The property has been sold. The sales price was $2.25MM. Expenses for attorney's fees, bank loan for taxes, Premiere Estate loans and advances, and accounting fees will come out of the proceeds. We anticipate a distribution by 2/10/05.
12/31/05 The partnership has settled the matter of claims with the Premiere Estate and Montgomery County. The county has released its claim against the Estate. The partnership has paid the Estate $123,888 to settle the advances paid by Money Mortgage to the investors. A final distribution is being made at this time.
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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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