Chapter 3 - THE BRIDGE LOAN
Daniel owned Carter Hospitality Systems.
A boring name for a risky business.
The company installed:
commercial kitchen equipment,
restaurant refrigeration,
point-of-sale hardware,
maintenance contracts.
For years it did well.
Then three major restaurant clients closed.
Supply costs rose.
A hotel contract was delayed.
Cash flow tightened.
Daniel borrowed.
First:
bank line.
Then:
equipment financing.
Then:
private bridge lender.
North Coast Capital.
Loan:
$640,000.
Term:
nine months.
Interest:
high.
Collateral schedule:
business receivables,
two company vehicles,
Daniel’s investment account,
and—
“Bennett sapphire necklace, estimated market value $410,000.”
Claire stared at the document.
Her attorney, Rachel Sloan, pointed to the signature.
CLAIRE BENNETT CARTER.
Electronic.
Not hers.
Claire whispered:
“He pledged my necklace?”
Rachel corrected:
“He represented that you jointly pledged it.”
Claire looked at the appraisal attached.
Same necklace.
Same photograph.
But value:
$410,000.
Her mother’s old appraisal had been $185,000.
The appraiser’s letterhead looked real.
Signature looked real.
Rachel said:
“We need to verify this.”
Then another clause.
Physical inspection required upon default or lender demand.
Daniel’s loan had defaulted five days earlier.
North Coast demanded the necklace for inspection and secured storage by Friday.
May you like
Tonight was Thursday.
That was why he snapped.
