wow, that is some expensive money !
11% annual on the drawn, 2.4% annual on the undrawn
(that's is $50,000/mo for the initial $25 million undrawn)
plus at origination with the initial $5 million draw
$50,000 to be credited toward the $300,000 due upon securitization
$100,000 cash drawdown fee
$100,000 in stock drawdown fee
450,000 shares
plus no later that Dec 28, 2012
$250,000 (remainder of amount due at securitization)
plus secured recourse to title over JAG's properties
plus, if remaining (after origination) $25 million is drawn
$500,000 cash at time of draw(s)
$500,000 worth of shares at time of draw(s)
So, using a $1 share price, use of this $30 million facility, drawable over 12 months, fully payable in 18 months, costs
$1.95 million
plus interest at 11% annual on the drawn and at 2.4% annual on the undrawn, payable monthly
Now who with the money would not grant these terms (assuming full drawdown that is about 6.6% plus interest) IF then believed the properties could be marketed for at least $30 million to recover in event of a default
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