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Buligo Capital Partners issued a first charge loan for $7.3M to a developer building a hotel in Manhattan’s Flatiron District. The loan had an interest rate of 10% for the first year, 12% for the second year, and an option for 14% interest if the loan was extended to a third year. The loan was paid back in full in the second year.
The hotel was due to be developed on 23rd street in Manhattan, near Madison Park. The popular Flatiron District boasts a prime position near transit, retail, and amenities.
The borrower defaulted on the loan and Buligo sold the loan to a buyer who foreclosed on the property. Buligo achieved excellent terms and provided investors with a higher than expected return. Such an outcome was a result of a conservative loan investment strategy, in which the loan’s senior position, as well as the prime location of the underlying property, contributed to mitigated risk.