Focus Property Group Asks To Stop Interest Payments For Three Years

Focus Property GroupFocus Property Group asks to stop interest payments for three years on the $470 million in Las Vegas Nevada real estate loans on 4,800 acres of land. Last month they stopped making their loan payments.

Focus asked investors of their mortgage loans to extend them three years of credit with additional extensions.

Focus is currently paying 11 to 12.5 percent in their mortgage loans. They would like a reduction of five percent in monthly payments, too. If the lenders agree to this payment schedule Focus would pay the missed February payment.

There is continued negotiation on the final proposal with all of the private lenders.

Hard money lenders, or private lenders, loaned Focus Property double digit interest rate loans from real estate investors. There are approximately 3,000 individual investors with interest in the private loans secured by land in Victorville, CA, Pahrump and Las Vegas Valley.

Lenders holding the majority of the real estate loans are negotiating while others who are owed $30 million have stopped and expect to post default notices.

However, payments are still being made on $150 million in commercial loans.

Critical to the success of Focus’ projects is the delay of interest payments so it can control its current projects rather than to be placed into foreclosure. Focus does not see bankruptcy as an option. Source: Review Journal

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Focus Property Group asks to stop interest payments for three years

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