Loan Type : Acquisition
Loan : $1,100,000
A $1,100,000 second mortgage for the acquisition and residential land development of the “Kummerer Tract” parcel, in Upper Pottsgrove, Pa. The 59.75-acre site will be developed into approximately 143 single-family homes. This loan carries a six-month term at an interest rate of Prime plus 600 basis points.