|
.. |
| THAMES MORTGAGE LP |
HOME |
| PALM DESSERT (updated 11/6/04) |
UPDATE |
| Partnership Formed: |
Thames Mortgage, LP (3524013) EIN 68-0505892 |
| Loan Status: |
Default; Litigation Settled |
| Borrower / Developer: |
Moe Nasr |
| Develop / Project Stage: |
Undeveloped real property |
| Project Name: |
Indian Palms |
| Property Address: |
Indio, California |
| Guarantor: |
Moe Nasr |
| Loan Funding Term: |
12 months |
| Original Loan Amount: |
$1,000,000 1/31/2001 15% |
| Principal Balance: |
Paid |
| Stage Funding Due: |
None |
| Title of Property: |
Riverside Meridian Base, L.L.C., Meridian Bernardino Base, L.L.C., and San Bernardino Riverside Base, L.L.C.-All entities related to Moe Nasr |
| Lien: |
First |
| Advances by Premiere: |
None |
| Exit Strategy: |
Refinance with construction lender |
| General Partner: |
Jefferson Advisors GP, LLC |
| Loan Maintenance by: |
Jefferson Advisors GP, LLC |
| Opinion: |
Ron Daugherty dated January 19, 2001 |
| Description of Prop: |
Residential lot development; On November 21, 2001 The partnership received via certified mail a correspondence from the law firm of Oppel, Goldberg & Saenz announcing that that firm had been retained by the borrower regarding usurious claims that it
may have against Thames Mortgage L.P.
Mr. Moe Nasr defaulted on the $1.0 MM loan. Moe Nasr instead of paying the debt, sued Thames Mortgage for usury. Houston, Texas.
10/14/02 The borrower, while negotiating a settlement with the partnership, when into court and received a default judgment. The default judgment was overturned by Judge Steen. The partnership is firm on its requirement for the borrower to pay the entire amount due.
11/23 The borrower continues to attempt to negotiate a discount on principal. The general partner has instructed the attorney's to notice the property (collateral) for foreclosure.
2/21 The parties have come to an agreement and settlement on the law suit, which is expected to be signed on 2/24. The amount of the settlement is $1,125,000, which should pay almost all of the principal to the investors after attorney and accounting fees.
6/7 The parties have settled the matter. The partnership will receive the full principal loan amount of $1MM, plus $125,000 in interest. The partnership has expenses that exceed $125,000, and the partners are expected to receive 95%+ of loan principal.
|
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.
 |