The basic details are as follows :
1) The balance of the loan now is approximately $145,000 (non amortized)
2) There is now an interest rate of 5%
3) Note executed via corporate and personal guarantee.
4) Term remaining: five or six years left. The monthly payment is roughly 3000 per month which includes the interest.
5) The loan is secured by the liquor license which is included in lien/filing/note. The public record shows that this entity is the only one that has a lien on his license.
6) Currently those liquor licenses in FL (Midwest FL) are selling in the $200,000 range - The city is the #1 city for restaraunts, forget the source but "If you can make it in this city, you can make it in any city"
7) Note includes UCC-1 blanket lien on every asset the restaurants (two locations) have which includes all furniture restaurant equipment; big screen TVs, inventory of alcohol and food, restaurant equipment etc. UCC-1 is first position on all of the aforementioned assets
8) The loan is transferable there are no hindrances to me in regards to that
9) There are very favorable trigger points in the loan agreement that allow acceleration and/or foreclosure (Note could currently be called for several violations of the agreement).

Disclaimer: This is a family situation between a family member who loaned money to start the second location; this relationship has soured and borrower refuses to include the lessor in any business decisions or provide financial information.

I believe those Are the basic points of interest. I primiarily engage in originating equipment leases/finances - so this is uncharted territory but I have heard there is a market for this. If someone is interested please post here or give me a call. 866-435-3274 - Lessor is looking to assign the note in exchange for a discounted price - to avoid anymore liability (from a family standpoint).

Thanks,
TM