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| SPRINGFIELD LENDERS |
HOME |
| MARSHALL TRACT (updated 1/20/05) |
UPDATE |
| Partnership Formed: |
Springfield Lenders, LP (3510906) |
| Loan Status: |
Default; First Lien Holder Foreclosed; Springfield has no assets |
| Borrower / Developer: |
ORH,Ltd |
| Develop / Project Stage: |
Unknown |
| Project Name: |
Marshall's Tract |
| Property Address: |
Unknown |
| Guarantor: |
Partnerhip Pledge and Security Agreement dated 10/24/2000, 49.5% interest of Limited partner John Buckner Hightower; Partnership Pledge and Security Agreement dated 10/24/2000 24.5% interest of limited partner Steven B. Morse; Partnership Pledge and Security Agreement dated 10/24/2000 1.0% interest Marshall's Point Management, Inc.
Partnership Pledge and Security Agreement dated 10/24/2000 24.75% interest Josephines S. Brown |
| Loan Funding Term: |
24 months |
| Original Loan Amount: |
$750,000 10/24/2000 15% |
| Principal Balance: |
$655,611.93 |
| Stage Funding Due: |
None |
| Title of Property: |
ORH, Ltd. |
| Lien: |
Second |
| Advances by Premiere: |
None |
| Exit Strategy: |
Unknown |
| General Partner: |
Washington Advisors GP, LLC |
| Loan Maintenance by: |
Washington Advisors GP, LLC |
| Description of Prop: |
143.56 acres of land along shores of Lake Travis and off of Austin Boulevard, Near the City of Lago Vista, in Travis Co. Texas appraisal dated 11/98 $2,400,00.00 value.
5/21 The borrower claims that he will get current on all interest payments by June 15, 2003. He will refinance the loan by the end of September 2003.
1/20/05 The borrower has defaulted with both Springfield and the first lien holder. The first lien holder foreclosed, wiping out the lien on our security. It is believed at this time that the partnership is a total loss. We are looking into what assets, if any, the personal guarantors have, but are not confident that they will be able to pay.
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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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