Word: loaning
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Given that Wade was a founder and director of the Citizens Bank & Trust Co. of Flippin, it wasn't surprising that McDougal turned there first to finance the purchase of the 101 tract, with Wade's encouragement. The loan officer was a young senior vice president, Frank Burge, who was soon to be named president of the bank. The president then was James Patterson, who happened to be one of the investors in 101 Development Corp., which was selling the land...
Given the incestuous relationships (prohibited under current banking laws), it's surprising the application didn't breeze through the approval process. Despite its small asset base and remote location, the bank in Flippin was conservatively run. By its standards, a $200,000 loan was a big deal. Burge was also concerned that the small bank had too many loans outstanding in this single area around the White River, since the bank had also financed some of the 101 Development Corp.'s purchase of the larger parcel from which the 230 acres were being carved...
...Bill and Hillary, be jointly and severally liable for the mortgage. The terms were easily enough satisfied. McDougal and Bill Clinton simply borrowed the down payment from another bank, Union National Bank of Little Rock, where McDougal had been borrowing since 1970. The bank sought no security for the loan...
...McDougals and Clintons didn't tell Citizens Bank that they were borrowing the down payment. The Clintons agreed to cosign the mortgage and appear at the closing. The risk seemed minimal given the speed with which McDougal expected to resell the property and pay off the mortgage. The loan would be short-term--principal and interest due in six months--and the interest rate would...
...sale, one of the lots bordering the river, in September 1979. Within six months, they'd sold five more lots. But the down payments on the lot sales barely covered Wade's real estate commissions and the closing costs. At the end of May 1980, with the Citizens Bank loan up for renewal and the next quarterly interest payment of $4,352 due, Whitewater Development Co. had less than $2,000 in cash. By this point, the McDougals had invested nearly twice as much as the Clintons...