A report in the Trinidad Guardian Tuesday said Calder Hart borrowed US$350,000 (TT$2.2 million) from his son, Chase, three days before the May 24 general election and put up a property in Florida as collateral.The paper said it has seen the relevant documents with details of the transaction.According to the paper, Hart has promised to repay the loan over five years with interest of four per cent per annum.
The annual payments will amount to US$78,619.49, starting on May 21, 2011.
The documents show that Hart borrowed the money as a first mortgage on the property listed as Unit No 701, Las Olas Grand Condominium in Fort Lauderdale, which Calder Hart and his Malaysian wife, Sherrine, bought together in 2005.
The Las Olas Grand is a 38-storey gated condominium complex on the waterfront of Fort Lauderdale, offering valet, concierge, 24-hour security, heated pool, fitness room, spa and club area, the Guardian said.
The Guardian said the property is worth about US$712,000 based on the assessment for 2010. The son of the former UDeCOTT executive chairman is the chief executive of CL Marine, which runs the Caribbean Dockyard in Chaguaramas.
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