![]() |
|
|
|
|
USA COMMERCIAL MORTGAGE CO. SECURITY AGREEMENT WITH USA INVESTMENT PARTNERS, LLC APPROVEDLAS VEGAS, June 26, 2006 USA Commercial Mortgage Company (USACM) today announced that its security agreement and promissory note with USA Investment Partners, LLC (USAIP) was approved at the June 21, 2006 hearing by the United States Bankruptcy Court. USACM had requested an order of the Court approving the security agreement and promissory note given by USAIP to document a $58.3 million obligation owed by USAIP and to provide collateral for that obligation. The agreement converts the obligation into a loan with an interest rate, maturity date and default provisions. The agreement also secures an obligation owed to the USA Capital Diversified Trust Deed Fund, LLC also known as the "10-90 Loan," as well as all other obligations owed to USACM and the other debtors. The Court approved the motion with certain conditions including primarily that the agreement does not constitute a release by USACM and the other debtors of future claims against USAIP, and that any and all funds received into USACM resulting from the agreement be held in escrow pending a determination of which debtor or debtors should receive the funds. The security agreement grants the debtors a security interest in USAIP's equity interests as part-owner in the following entities:
USA Commercial Mortgage Company Filings for Chapter 11 were made for USA Commercial Mortgage Company; USA Capital Realty Advisors, LLC; USA Securities, LLC; USA Capital First Trust Deed Fund, LLC; and, USA Capital Diversified Trust Deed Fund, LLC. USA Commercial Mortgage Company, a privately-held company, is one of the nation's leading real estate lenders. Since 1989, USA Commercial Mortgage Company has provided more than $1 billion in short-term and permanent financing to homebuilders, commercial developers, apartment owners and institutions nationwide. The company is licensed by the State of Nevada Mortgage Lending Division (NV MBR #333) and has its headquarters at 4484 South Pecos Road, Las Vegas, Nevada, 89121. MEDIA CONTACTS:
COMPANY
PR AGENCY |
|
|
Copyright © 2006 USA Commercial Mortgage Company
USA Capital - Las Vegas · 4484 South Pecos Road · Las Vegas, NV 89121
NV MBR 333 · Phone 702.734.2400 · Fax 702.734.0163 |
|