On June 28, 2013, SQN AIF IV, L.P. (“Fund IV”) funded its first finance project as part of a vendor program with US Cardiovascular, LLC (the “Vendor”). Working together with local physicians and surgeons, the Vendor develops and manages outpatient ambulatory surgical centers located throughout the United States.
In this project, Fund IV provided financing in the amount of $150,000 to US Cardiovascular of TN, LLC (the “Borrower”), a subsidiary of the Vendor. Under the terms of the loan, the Borrower is required to repay all principal and interest in 36 equal monthly installments. The loan to the Borrower is secured by certain medical imaging equipment and other supporting equipment owned and operated by the Borrower. All of the Borrower’s obligations in connection with the loan are guaranteed by the Vendor and the physician operating at the clinic.