ASCENDANT CAPITAL INC. LTDA

Ascendant Capital Inc. Ltda was established in 2009 following the US real estate crisis and a dearth in local bank lending to make loans for working capital to individuals and businesses.  The loans were secured by single family and commercial real estate.  Until 2016 when the Company ceased to make new loans, Ascendant was the leading private lender in Costa Rica.

Between 2010 and 2015, the Company made approximately 30 short-term (three year) loans secured by real estate having a “loan to appraised value” of 50 per cent and net returns of approximately 12 per cent per annum with zero losses.  Only three of the loans were foreclosed resulting in an average net profit of 30 per cent to Ascendant realized on the sales.  This business was strategically exited in 2023.