Another Louisiana Update

A month ago, I reported that payments on my investment in commercial property in Louisiana were close to resuming. I got word today that the lawyer who was drafting the second mortgage has been swamped for the past 2 weeks, but he promised to get a draft of the mortgage out today. The second mortgage holders have the funds ready to pay the first mortgage holders (including me) and we're just waiting for the paperwork to be finalized. The loan is about 4 months past due now and when payments resume, they will include past interest and late fees.

I also got the word that part of my investment will be repaid. My total investment was split over a couple buildings: $120,00 on two main office buildings and $30,000 on a parking garage. My portion of the parking garage note has been bought out, so I'll get that part of my investment back plus interest and late fees. I just sent over my bank wiring information, so I expect to receive the funds by the end of the week.


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