Kara Homes based in East Brunwick, NJ filed for Chapter 11 bankruptcy on October 5th. Today the builder has lined up a high interest loan that would allow it to continue operating if the bankruptcy judge grants approval. The hearing with Judge Michael Kaplan is on Thursday in Trenton.
Medical Capital Group loaned the builder 5 millions with a 18 percent interest rate over a six month term.
Read the entire story here.
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