I got this offer of new financing and my motto is all or nothing meaning if someone wants to do this and get us all of the $30M, then fine, but I dont like to do partial deals - its all or nothing. He said: I have a source for funding. It requires a minimum of 5MM in an escrowed account for a minimum of 120 days. The money is not touched and secured at the bank (name Ill keep confidential). If funding is not secured...all money and interest that is accrued is returned to the fund provider. With a $5MM escrow, we can get another 25$MM. This is a non recourse loan. The 5MM is given back if the money is a bridge loan with interest and potential backend points otherwise it can be left in as equity and interest and points as well. (Anyone have done this and it worked? - let me know). Again my motto is all or nothing.
Posted on: Mon, 03 Feb 2014 12:46:16 +0000
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