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Aurora fund approves renewal and new 30% guarantee to cover Gateway loan for 523 Tap and Grill
Summary
The Aurora Capital Development Corporation voted Jan. 13 to renew two existing 30% loan guarantees and to add a new 30% guarantee on an additional Gateway Mile loan to 523 Tap and Grill Inc.; the action is conditioned on updated appraisals and a combined loan-to-value at or below 90%.
The Aurora Capital Development Corporation voted Jan. 13 to renew existing 30% guarantees on two loans and to add a new 30% guarantee on an additional Gateway Mile loan to 523 Tap and Grill Inc.
Mr. Watts, presenting the item, said the new loan would be used to pay off an existing First Source Bank loan to the same borrower and called the request a cleanup of earlier paperwork. He told the board that when the fund first made its loan it filed a UCC financing statement to perfect a lien on business assets but…
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