DALLAS, Feb. 10, 2014 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA), a Company focused on residential and commercial real estate, announces that it has successfully negotiated new terms on its balance of roughly $14,000,000 in mortgage debt that is held against its primary portfolio of single family homes in Texas. LIG Assets and its lender FP Management agreed to a firm reduction in the interest rate it pays on a new 10 year note. LIG Assets reserves the right to further improve terms on this debt.
The new terms provide relief from concern that the loan could be called in the near-term. LIG Assets and its lender estimate that the current market value of this portfolio is over $20 million. As part of negotiating for the new loan terms, LIG Assets relinquished control of South American Properties, Inc. (OTCPK: SAMP) to its lender.
Jeff Love, CEO of LIG Assets, stated, "Step by step, the management team at LIG Assets is accomplishing the goals necessary to sustain the long term success and viability of our Company." He continued, "It was critical that we extend our loan with FP Management to ensure we could benefit from the value the portfolio holds. Now, the Company can focus more on new real estate transactions to generate strong profits and the balance of items on our turnaround list."
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a Company focused on residential and commercial real estate. Through its alliances with hedge funds, mortgage brokers, and hard money lenders, LIG Assets plans to expand its residential portfolio and increase commercial property transactions. LIG Assets, Inc. currently trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
SOURCE LIG Assets, Inc.