Credit Evaluation School Instructor eBook - Oct 2023

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U Wreck Em Towing Service – Pass Person: Towing company owned and operated by Tate Lane. Has been in business for many years. Purpose: 210M for construction of a new garage/auto repair facility due to increased business. New highway nearby has increased business. Payment: Note requires monthly payments of 2,009, equating to a 15 year amortization. Protection: First REM covering the building and 2.67 AL, appraised at 308M in March of 2011, so LTV = 60%. Business maintains deposits of 383M exceeding the amount owed. Strong financials of both business and principal Tate Lane. Performance: Paying as agreed for 4+ years. Lone past due occurred in first year and was result of road construction blocking access for brief period.