My organization recently acquired a smaller organization that took on a residential subdivision development loan and associated letters of credit that combined were way too much loan exposure for our organizations combined, let alone for the tiny one we acquired that originated the deal.
We're going to extend the letters of credit for another year but are asking the borrower to find a new source for the LCs in 2015 so that we can start to reduce our exposure. Total of $13 million of LCs issued to a county to bond public infrastructure development. Project isn't in distress at all--it's just too big for us.
Any suggestions for organizations that are hungry for letters of credit on large real estate development deals? Insurance companies, banks, etc.? Any names welcomed.
Where is the project?
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