Tuesday, July 31, 2012

TLC Properties With Mortgages as of April 30th 2011

Should TLC not be able to improve the financial situation, there are numerous properties that come under threat of sale because there are mortgages registered against them.

Here is a list of TLC properties which had mortgages registered against them as of April 30th 2011:

Horsefly property - 5.5% on $53,576 as of April 30th 2011 - mortgage came due April 2012
Horsefly property - 5.5% on $53,576 as of April 30th 2011 - mortgage came due April 2012
Total owing $107,152 - yes, there are two identical mortgages - these mortgages should have been renewed or paid off by now.


Abkhazi property #2 - 6% on $57,244 - due February 2012
Abkhazi Garden - prime+ 2% on $980,124 due February 2012
Abkhazi Garden - 6% on $55,610 - due December 2014
Total owing $1,092,978, most of the mortgage debt should have been renewed February



Keating Farm Estate - 6% on $213,507 - mortgage due February 2012, it should have been renewed

Cowichan River property - 6% on $37,536 - mortgage  due March 2012, it should have been renewed

Kogawa House - 6% on $98,988 - mortgage due May 2012, it should have been renewed

Ayum property - prime+ 2% on $61,624 - mortgage due November 2012

Ayum property - 5% on $129,821 due February 2016 (taken out in fiscal 2010/11 and owed to the
Ayum property - prime+ 2% on $41,644 due November 2012
Total owing on April 30th 2011 $233,089

Ross Bay Villa - prime +2% on $133,364 mortgage due November 2012

Eagle Bluff project - 4% on $101,757, interest only payments - mortgage due November 2034

Thwaytes Landing - 6% on $196,096 - mortgage due September 2013

Squamish Corridor - 6% on $1,500,000 - interest only ($7500 per month?) - mortgage due September 2015.   There was an increase in $1,200,000 in this debt on the property in fiscal 2010/12.   A different mortgage of $326,494 was repaid in fiscal 2010/11.  TLC effectively raised $873,506 from this property in fiscal 2010/11.

Madronna Farm - 6% on $300,000 - interest only payments.  It was taken out in 2010/11, I am not sure if the note in the financial statement refers to the mortgage being taken out in June 2011 or if it was due then?   The statement is not clear to me but I assume that it is date when the mortgage was taken out.


Luke Creek property - 2.8% on $31,353 - mortgage due May 2012, it should have been renewed

Wycliffe property - 5% on $19,500 - mortgage due September 2013

In fiscal 2009/10 TLC had a total of $237,368 in mortgages on the Wildwood Forest property, there was some dispute with the family about this and all this debt was discharged in 2010/11.

In fiscal 2010/11 the total long term debt of TLC rose by $562,566.

TLC was carrying close to $1.5 million in unsecured loans as of April 30th 2011.   Many of these loans carry no interest and given to TLC my supporters.   I suspect that the board of directors is going to ask for the holders of this debt to agree to write it off.

As of April 30th 2011 TLC was going to need to repay or refinance $2,572,850 in long term debt in fiscal 2011/12, close to $1.9 million of this is debt is currently registered against properties.  

The cost of the debt and banking charges is costing TLC close to $330,000 a year, about 10% of general donations and financial bequests to TLC in recent years.   This number is not likely to drop anytime soon but donations could very likely drop meaning the relative costs of debt will rise as a portion of the revenues.
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