Thank you Equitatus for bringing up one of our “favorite” REL investments, Canyon Club aka Snake River Sporting Club. If you like documents, this post is for you. Per Equitatus:
Q: Whats RE Loans biggest investment?A: C0390 Canyon Club 61,146,348 9% of RE Loans (EDITOR’S NOTE – While technically true, if you add up Loan #s P0097 Georgetown/LochenHeath at $90M, Canyon Club is the second largest loan).
What does valuation expert Mary Ann say about it, “We are estimating that the loan will be paid in full seven years after the due date which is 1/7/2016, with several interim payments along the way beginning in 2011. As shown in the table, the estimated fair market value of the note is $16,821,364 or$16,800,000 rounded which is $28 per $100 of face value.”
Q: How did we end up in this mess?
A: Barney Ng know how to pick em’
Jimmy why is this in basket 2? I think you need a basket 4 for investments that will be paid after all noteholders are dead and buried.
The best document available, however, is THIS DOCUMENT (YES, CLICK HERE).
The next best document is THIS ONE (IT’S A BIG FILE, SO PLEASE BE PATIENT).
Assignment of Mortgagee’s interest:
Assignee: Barney J. Ng, as Sole Trustee of the Barney J. Ng Living Trust, a 55.556% interest
Recorded: March 4, 2005
Recording Information: Book 581 of Photo, page 320-325
There are four other documents of interest (click on the numbers below):
We welcome your commentary….