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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 100052
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Customer Question

Could you please interpret this contract information:
Transaction: To provide US denominated funds in the maximum amount of 65,000,000 representing 75% loan to value , to include all hard costs, interest reserves and closing costs, based upon an estimated value of $1.74 Billion. The proposed loan will pay off the current notes estimated and to complete the capital improvements to the companies.


Interest rate: 75% P.A., interest only, payable in semiannual installments of annually.
Submitted: 3 years ago.
Category: Legal
Expert:  Ely replied 3 years ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

Transaction: To provide US denominated funds in the maximum amount of 65,000,000 representing 75% of the value [of the collateral], to include all hard costs, interest reserves and closing costs, based upon an estimated value of $1.74 Billion. The proposed loan will pay off the current notes estimated and to complete the capital improvements to the companies. Interest rate: 75% P.A., interest only, payable in semiannual installments of annually.

In more standard English, this would read:

"To pay $65,000,000 US dollars which is 75% of the loan amount; and with this to also be responsible for overhead costs for closing of the matter such as filing fees, notary fees, etc, reasonably estimated ahead of time for a loan of $1.78 billion.

"The loan will be used to pay off the current outstanding balances and to improve the companies' financial standing.

The interest rate is at 7.5% (I assume that you mean '7.5' when you wrote '75') per year."

I hope this helps and clarifies.

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Customer: replied 3 years ago.

I don't understand what you are saying: Are you saying that he will give me a loan amount of 65,000,000 dolarrs of is he giving me a loan amount of 1.78 billion dolars?

Expert:  Ely replied 3 years ago.
Gwyn,

Well, I need to know a little more about the matter behind this loan. Can you tell me what you and the other party are negotiating about and for?

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.

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