Few lenders are as creative in workout situations as they are in funding deals. Ty Lucas is one of those few, according to Mike Jacobson, president of NebraskaLand National Bank, North Platte, Neb.
Eight months ago, Jacobson was worried. In 2008, the bank had made a loan to a developer for $6 million on real estate worth $7.5 million. When the bottom fell out of the housing market the developer had no buyers for its newly constructed homes. “If the deal had gone south, we would have lost $1 million on the loan,” Jacobson said. “Fortunately, I have a . . .
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