New lender, PacEquities.com, has closed on other multi-million dollar loans in the past, including some in Las Vegas. MPTV already holds all necessary building permits for the first phase, which includes the conversion and remodeling into a timeshare resort. In a prepared statement, Hurley Reed, MPTV's CEO, said the new deal has brought more money "and better terms."
The fact that MPTV has established an escrow and completed all of the required documentation will speed up the process quite a bit, according to PacEquities.com president Michael Rich. "We are not only committed to lending $14,050,000 for Phase 1, we are also now completing our analysis for funding Phases II and III," Rich said.
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