We dug this information up today and thought we would give those in the know a chance to chime in. The Loan Summary sheet dated November 5, 2009 lists the following information on page two:
This property is located in Salt Lake County, Utah. It consists of 496 acres of which 260 are entitled for
187 residential lots, 60 condos and a commercial component. Original appraisal $23,000,000, current
$12,000,000. Loan $5,616,478. Foreclosure process has begun.
The current holder of the foreclosed upon loan is not identified by the REL folks.
According to the this October 2009 posting, however, “the current beneficiary of the Trust Deed as of the date of this notice is: Barney J. Ng., An Individual.”
Is this a head scratcher that we don’t understand or is it yet another example of Barney’s ability to use our cash for his benefit?
Perhaps Jim Weissenborn will explain this to us in his upcoming newsletter. In the meantime, can anyone take a stab at explaining this?