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Hawaiian Development
I have a client that is in bankruptcy protection (ch. 11) because a lender failed to perform on a $33MM loan.
Project is mixed use right on Ala Wai harbor in Honolulu.
We have secured a $4MM Equity loan but because client is in such a precarious situation lender is charging high points and only giving him 2 months balloon maturity.
Any creative ideas how to protect this client from lender setting him up to fail and taking over this lucrative project?