“Adrian’s.”
“Active?”
“Barely.”
“He restarted it as a side business last year.”
“Did you know it has a secured credit facility?”
I stopped writing.
“No.”
“Two hundred and fifty thousand.”
My stomach tightened.
“Secured by what?”
“That’s the interesting part.”
“Lily.”
“The public filing references business assets plus a personal net-worth statement.”
“That isn’t security.”
“No.”
“But the lender’s underwriting notice references ‘primary residential equity, Cedarcrest Heights.’”
I went cold.
“He doesn’t own residential equity.”
“I know.”
“Does the lender?”
“That’s what we need to establish.”
My next call was to Adrian.
I almost made it.
Then stopped.
Facts first.
Lily contacted the lender through formal counsel.
Because I was not a borrower or guarantor, they could not simply hand us Adrian’s confidential file.
But Lily sent notice that Cedarcrest Residential Holdings owned the property and had never pledged it.
That produced a response very quickly.
