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KSI Capital helps Bails Out Auto Dealer in Far-Off St. Maarten*

PARAMUS, NJ, FEBRUARY 28, 2001 — When Premier Motors, a leading Daewoo dealership based in the Caribbean was pressured by Daewoo Motor Company to speed up payment on its inventory, the dealership needed cash immediately or it would go under. A quick $1,950,000 loan from KSI Capital of Paramus , New Jersey , ( USA ) at the eleventh hour gave Premier Motors a new life.

Faced with bankruptcy and severe labor problems, Daewoo Motor Company, South Korea ’s third-largest auto maker, pressured its dealerships to speed up payment on their inventory in a frenzied attempt to stave off creditors who are owed an estimated $10 billion. The ailing Korean automaker is losing money at a rate of $800 million per month. The company is contending with a militant labor union that refuses to allow the automaker to cut the workforce to stem its losses. Intermittent work stoppages by the labor union throughout the year culminated in a week-long nationwide strike that cost Daewoo Motor $658 million.

In an effort to save Daewoo, the South Korean government has approved a plan to sell the troubled company but potential buyers appear leery of the auto maker’s financial condition and labor problems. Ford originally expressed an interest, then bailed out at the last minute. Others considering buying Daewoo include Hyundai, DaimlerChrylser, Fiat Auto, and GM, with GM appearing to be the leading contender.

“Finding a traditional lender willing to make a sizable loan to a troubled car dealer in the Caribbean would be an impossible task,” says Henry Haskell, President of KSI Capital. “While most lenders would be afraid of getting into deep water over their heads, we’ve never shied away from viable investments.”

A direct private lender in the commercial real estate arena, KSI Funding has a diverse lending history that has included successful loans to sports complexes, amusement parks, golf courses, airlines, and innovative companies. KSI excels in loans covering a wide variety of financial scenarios including successfully dealing with commercial property workouts, foreclosure situations, bankruptcies, and situations that require innovative financial strategies. KSI Capital has been a key lender in commercial real estate projects nationwide, and has completed high profile commercial loans in the international arena.

This is KSI’s second major loan in the Caribbean and a notable one, showing its international presence.

Haskell says, “we have been finding a growing demand for commercial borrowers outside the real estate sector for the expertise we have in putting together private loans.” Our expertise in due diligence and risk assessment capabilities translate extremely well to commercial investments of virtually any type. Our key advantage over traditional lenders is the ability to turn around loans quickly, at times even in 24 hours, and to work with borrowers who may be confronting difficult obstacles in terms of time, financial conditions, or legal constraints.”

Premier Motors, a division of Sunshine Car Rental NV has been a leading Daewoo dealership since 1993 when Daewoo was introduced to the Leeward Islands . Based in St. Maarten in the Caribbean , Premier has sold more than 1400 cars and provided Daewoo with over $12 million in revenue. Premier’s parent company, Sunshine Car Rental opened in 1985 with only 10 cars and today has a rental fleet of more than 185 cars.

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Premier was hit hard by the severe economic crisis that hit the island following a series of devastating hurricanes in the late 1990s. The island’s economic troubles caused a significant falloff in business and precipitated a number of defaults among Premier Motors’ clients. The company faced an urgent demand to pay out Daewoo with little time to locate a lender willing to work with them. Fortunately for Premier, KSI Funding was able to respond quickly with the funds they needed.

Unlike traditional banks, KSI responds to loan requests rapidly and issues decisions immediately. The lender can provide up to $50 million in as little as two weeks and a commitment in just two days with a loan-to-value ratio up to 70%. In the past, KSI has issued multimillion dollar loan commitments in as little as 24 hours.

As a direct, private lender, KSI relies upon its own highly specialized executive team for investment advice, risk analysis, due diligence, and creative lending solutions. With its excellent track record, KSI Funding is able to tap substantial lines of credit with banks and works closely with a standing pool of private investors. The company specializes in commercial real estate loans, and its diverse experience has given the firm the capability to respond to a wide variety of lending scenarios quickly and efficiently.

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“Most lenders avoid deals that don’t fall into strict, predictable categories because they’re not equipped to evaluate them,” explains Haskell. “We have the in-house expertise to assess investment risks and make decisions quickly. We also work closely with the borrowers to guide them through the loan process.”

The advantage KSI Capital has over traditional lenders is a much greater freedom in the processing and structuring of loans. KSI’s ability to respond quickly to borrower demands regardless of atypical conditions can often spell the difference between success and failure for commercial borrowers.

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