To: Frank M. Cedrone From: Jay Parmar Date: July 2, 1991 Re: Equity in mortgage receivables financing. Per our conversation today, following is the analysis of mortgage receivables hypothecated to First Eastern Bank and the balance out- standing on our receivables line of credit: Mortgage Receivables @ 6/28/91 per C & E trial balance $ 6,896,081.26 Add: Receivables funded by bank but not on trial balance @ 6/28/91 203,145.64 Add: Receivables which should be on trial balance but shown on C & E report as house accounts 104,716.40 _______________ Total Receivables Mortgaged $ 7,203,943.30 Receivables Line of Credit Balance @ 6/26/91 per bank statement $ 6,161,250.90 Less: Receivables collected @ 6/28/91 but remitted to bank in 7/91 net of estimated interest from 6/16/91 to 6/30/91 < 185,127.88> ________________ Receivables Loan Balance @ 6/28/91 $ 5,976,123.02 _______________ C.B.G. Limited Equity in Mortgage Receivables $ 1,227,820.28 Less: 90 plus days delinquent receivables @ 6/28/91 per C & E Report 966,592.39 ________________ Net Equity of C.B.G. Limited in Mortgage Receivables $ 261,227.89 _________________ _________________ Also, of the 90 days plus delinquent receivables except for 3 accounts amounting to $93,087.31 the balance leave either paid or agreed to bring their accounts current per C & E Report. Therefore those receivables amounting to $873,140.58, in my view, could be applied towards the financing margin. Please call me if you have any questions. JHP:law
|
|