IRVINE, CA— MPTV signed a loan commitment with Old Standard Life Insurance Company’s Commercial Division for a new mortgage on its Lake Tropicana property, which is located in Las Vegas. The new mortgage is expected to close within two weeks. According to MPTV executives, the value of Old Standard’s appraisal for the property came in higher than that of MPTV’s property appraisal last year. “This closing is the beginning step in the process of funding and building the Lake Tropicana Timeshare resort,” said CEO Hurley Reed.
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