Exhibit 20
Joe
Some quick points:
Interest increased to 11%, from 10% for loan, added cost is $300k over life of loan
$300k of origination fees are new to me
They are using simple interest, not amortized interest, should be amortized in the event of early payoff. I calculate that the payoff is $1,546,731, not $1,650,000, using a loan date of 5/20.
BANK DEPOSIT COLLATERAL – Given the type of loan this is, and a portion will be used for a real estate transaction, can’t there be an security interest in the real estate transaction, reducing the Bank Deposit Collateral?
Georgia law, really? Why not Delaware?
