After publicly promising that the loan team was "almost 100% there," Eli Shalom, CEO of the Southfield, Michigan-based lending company, says "we are disappointed that we have been unable to complete the review and submission of closing documents to escrow by the closing date that we had set. ICF will close the fund this loan. We underestimated the effort required by the legal teams. In spite of working with different laws and time zones in three different states including Michigan, Nevada and California, our legal team is dedicated to closing this financing in the shortest timeframe possible."
MPTV's Hurley Reed said he was not pleased with missing the deadline, but recognized that it was a "relatively aggressive timeline for loan closing." The loan is intended to fund the first phase of MPTV's intensive renovation of the timeshare property along the Las Vegas strip.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
