In
Monday’s progress report, I stated “We can start tomorrow”. Numerous inquiries
have been received asking that I explain what I meant when I wrote that statement. Please allow me to
explain. As a precautionary measure several months ago, I began to develop a contingency
plan to finance the construction of the Watson House…just in case my (to be) new partners Stuart
C. “Neil” Fisher, et al did not fulfill their promise to produce construction
financing. Their
deadline, February 5, 2000, has since past and here we are again. Only this time I was
prepared.
Taking advantage of the progress to date—having a
building permit already issued and signed contracts to purchase units in the Watson House
that exceed $ 5,000,000 in total value, greatly reduces the funds required to proceed.
To
“start tomorrow” I need to locate a lender that is willing to make a loan in the
amount of $ 5,000,000 for a term of 24 months. The lender will
receive a handsome return and their money will be very well secured for the term that it
remains outstanding. Subject
to bankruptcy court approval of my planned use, the $ 5,000,000 loan will provide ample
funds to build the Watson House which will, in turn, generate capital to build the
Stirling House. Finally
the storm clouds will give way to a bright sunny day!
I
realize $ 5,000,000 is a very large sum of money, but, since
$10,000,000
has been invested in Wyndholme Village to date—we’re certainly much closer to
success than ever.
Currently I am searching the marketplace for a source to fund
this loan.
I
would welcome any assistance to accomplish this
requirement necessary to proceed. Next
Monday I will inform you of the progress I have made.
We are continuing to forge ahead.
Sincerely,
James M. Lancelotta
Managing Partner
Wyndholme Village, LLC
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