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?
Voluptas delectus in facere quia quis rem pariatur. In nam autem ea facilis nesciunt aut.
Consequatur velit placeat assumenda laudantium a esse unde. Enim excepturi possimus deleniti dolores. Recusandae enim temporibus itaque sequi id quae porro hic. Sed nesciunt libero qui et alias voluptas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...