|
.. |
| TEJAS LENDING GROUP |
HOME |
| MARSHALL'S POINT LIMITED (update 5/15/06) |
UPDATE |
| Partnership Formed: |
#1 Tejas Lending Group, LP (1953370004) |
| Loan Status: |
Default; First lienholder foreclosed: Complete loss. |
| Borrower / Developer: |
Marshall's Point, Ltd. |
| Develop / Project Stage: |
Completed New Home 7000 sq feet |
| Project Name: |
Point Construction |
| Property Address: |
Austin, TX |
| Guarantor: |
Steve Morse / Buckner Hightower |
| Loan Funding Term: |
18 months |
| Original Loan Amount: |
$1,375,000 15% 6/26/00 |
| Principal Balance: |
$1,492,040.36 |
| Stage Funding Due: |
None |
| Title of Property: |
Marshall's Point, Ltd. |
| Lien: |
Second to a $500,000 loan |
| Advances by Premiere: |
None |
| Exit Strategy: |
Sell or refinance |
| General Partner: |
Washington Advisors GP, LLC |
| Loan Maintenance by: |
Washington Advisors GP, LLC |
| Description of Prop: |
Lake Travis Estate, single family home. Lot #3, Marshall's Point Drive., Austin, Texas
5/21 Borrower claims he will get all interest payments current by June 15, 2003 and he will refinance the loan by end of September 2003.
1/15/05 The borrower has not paid an interest payment in quite some time, but has paid a total of $164,000 in interest since 10/1/01. The partnership has a second lien note for the $1.3MM. The first lien note is with a personal friend of the borrower's and the lender has not foreclosed. The total amount owed on the first lien is $500,000, plus interest for about a year. We have the second lien for $1.5MM. The home is approximately 7,000 sq ft, and looks over a 6 acre lake.
2/13/06 The partnership was in a second lien position behind a private lender. The balance of the first lien was approximately $780,000. There was no interest by the partnership to purchase the first lien to avoid the partnership's lien being wiped-out. This partnership regrettably was a complete loss.
|
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.
 |