1) A reduction in interest rate to 5.25%. The current rate is fixed at 6.75%;
Monthly payments to be based on a 25 years amortization schedule. There is no change in the maturity date of December 5, 2019. A balloon payment is due at maturity.
Effective July 5, 2015, the monthly P+I payment (including escrow) on Note A would be approximately $5,370.00.This is a reduction of approximately $1,000 from the current monthly payment level.
Note A will consist of the current principal balance of $634,950.99. The Note B’s principal balance will be $24,024.63 that includes accrued but unpaid interest of $14,334.56, negative escrow of $3,177.55, and late fees of $6,512.52.
Note A will be booked as accruing TDR while the Note B will be charged-off.
SIGNIFICANT POLICY EXCEPTION(S) (LIST & PROVIDE JUSTIFICATION - ATTACH EXCEPTION CHECKLIST IF A NEW EXCEPTION IS BEING CREATED)
None
BACKGROUND/OVERVIEW: The borrower is a R/E holding company for a property located at 52 Oak Ridge Road, Oak Ridge, NJ 07438. The property consists of a deli, a vacant retail store, a rented apartment on the second floor, and approximately 3 acres for land that is approved for 25 parking spaces.
Until early 2012, Mr. Abdallah Bazbaz (the guarantor) had a property manager who rented the parking spaces for a fixed monthly payment of $3,500. The property manager was responsible for renting the parking spaces, and for the collection of rent. However, since the property manager left in early 2012, the
We have a judgment against the borrower in the amount of $23,402. Dan Marchese and Elyse Marchese are the two guarantors, and are in process of a divorce. The judgment (plus post judgment interest) is expected to be satisfied from the closing of house by the end of October, 2015.
Since the business does not have enough funds to continue paying its long-term financial obligations, as repayment of debt Angela has decided to exchange Wheeler’s accounts receivable for an $80,000 corporate note payable by the corporation. The remaining assets will be distributed to Angela and she will assume personal liability for the other accounts payable. Furthermore, Wheeler will distribute the real property to Angela, who will assume personal liability for the
Since the business does not have enough funds to continue paying its long-term financial obligations, as repayment of debt Angela has decided to exchange Wheeler’s accounts receivable for an $80,000 corporate note payable by the corporation. The remaining assets will be distributed to Angela and she will assume personal liability for the other accounts payable. Furthermore, Wheeler will distribute the real property to Angela who will assume personal liability for the repayment of the mortgage.
b. If you have no loan or note agreements who is the loan with and what is the relationship for the Loan Payable of $16,208.41 and please explain the terms and conditions of the
A second mortgage loan officer, Sarah Harris, agreed to a $450,000 mortgage for a 20-year period at 8% interest rate after appraisal based on an income approach using 10.9% capitalization rate. Although not certain of her judgment, she considered Alexander’s projected figures realistic, but required him to personally sign the note as additional protection to the bank against loss.
g. The $15,000 long-term note is an 8%, 5-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2011.
At the time of the sale, the company receives immediate payment for the stated principal amount of the installment contract and a portion of the finance participation resulting from the interest rate differential. The remainder of the interest rate differential is retained by the financial institution as a security against credit losses and is paid to the company in proportion to customer payments received by the financial institution.
The output from the Project is sold to NPPD (A+/A1/A+; SFS Equivalent of 3+). The PPAs will end in 2032. The PPA is extendable by 5 years at the option of the
According to the conditions above, what should their monthly payment be? If Kelsey and Cody do not send their payment in on time, what will the following month’s payment be?
AR increased significantly with some of the promissory notes are payable in June 1994 (6 months after sale)
AR increased significantly with some of the promissory notes are payable in June 1994 (6 months after sale)
(b) $30,000 payments to be made at the end of each period for 16 periods at 9%.
The redemption available after the third anniversary of the original issue date is weighted towards equity. This option guarantees that the investors will receive at least the principal back. The mandatory redemption behaves like debt because there is a definite maturity date. The protective covenants are also weighted toward debt because the risk is limited and gives priority to the Series B Preferred Stockholders. Dividends are usually associated with equity; however, in this case the dividends are behaving more like debt interest payments. The dividends are paid at a fixed 8%
Therefore, note payable to bank can be calculated through Balance sheet (Exhibit 3) as $654 K. We assume that the interest rate is 11% of the note payable to bank but it causes the unlimited repeat of calculation. We approximated the net worth with 1 iteration
Per approval from Steve, the other part of the balance remaining $39,987.06 will be paid on 02/24/2017 by EP733-eMPath.