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Michael Haltman, President
Exeter Commercial LLC/Exeter Holding Ltd.
131 Jericho Turnpike, Suite 202
Jericho, New York 11753
516.338.7500
Commercial and Residential First Mortgage Note Sale Clarification
In the follow-on responses that I have received on our one Residential note in Cold Spring, New York (Putnam County) and our one Commercial note in Bronx, New York, it seems that our intentions may not be 100% clear.
Each of the notes has a principal amount of money that we have lent to the borrower, and each of the notes has an accrued interest portion that has accrued to date and continues to accrue at 24%. These are interest only construction loans, not conventional amortizing loans.
Our goal is to sell our 1st mortgage notes to an interested party, understanding that we will most likely not be getting 100% on the dollar, but that we will hopefully come to a price that would make a deal work for both parties.
Both of these loans are non-performing, and to reiterate both of these loans are construction loans and not conventional loans. They were made with a one year term, and are now well beyond that term.
On the SFR in Cold Spring, New York we are receiving a partial payment on a monthly basis of $6,000, with no guarantee that those funds will continue to be received.
I have attached the basic details again, but in summary
The home in Cold Spring is worth approximately $1.9 MM off of a recent appraisal, and we are owed in the neighborhood of $1.6 MM which includes principal of $875 K.
The commercial building in the Bronx is worth approximately $1.7 MM, is about 70% complete, and for a builder will require in the neighborhood of $400 K to finish once the foreclose process works through the system. We are owed $1.6 MM which includes $1.1 MM of principal and $400 K of accrued interest.
To reiterate, we are looking for bids on our 1st mortgage, I/O construction notes, and understand that we will not be selling them for 100% on the dollar.
More details on either note are available upon request.
Michael Haltman, President
Hallmark Abstract Service LLC
131 Jericho Turnpike, Suite 205
Jericho, New York 11753
516.741.4723 (P)
516.338.7538 (F)
mhaltman@hallmarkabstractllc.com
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