MPTV Receives Term Sheet For New Mortgage On Lake Trop Property; - Term Sheet
From
Old Standard, a Division of Metropolitan Financial
IRVINE, Calif., Jun 5, 2001 /PRNewswire via COMTEX/ -- MPTV, Inc. (OTC Bulletin
Board: MPTV), an innovator in Timeshare Resort Development, today announced that
it has received a term sheet for a new mortgage on its Lake Trop property from
Old Standard, a division of Metropolitan Financial Group of Companies, Inc., a
provider of insurance and financial services to a broad spectrum of individual
and institutional customers.
MPTV expects to close on the new mortgage from Metropolitan Financial's division
in the next three weeks pending completion of the review of the existing
appraisal.
"We look to move aggressively forward in the Las Vegas, and timeshare market.
MPTV has substantial value in its Las Vegas Lake Trop Property," stated Bob
Kenney of Old Standard Life Insurance.
"We are very pleased to work with the folks at Old Standard. Receiving a
lower-interest mortgage is a very positive step for us. The added bonus is
receiving such a loan from a division of Metropolitan Mortgage and Financial,
one of America's most respected and largest, mortgage services and insurance
companies," stated Hurley C. Reed, CEO of MPTV.
