- Loan Amount: $840,000
- Rate: 6.99%
- Appraisal Value: $ 1,400,000
- Term: 36 months
- Lien Position: First
Our borrowers completely remodeled this Salano Beach residential investment property and decided to hold it as rental property until the market improves. This would have been the perfect Best for Best 5.99 loan but our borrowers wanted to pull more than 50% of the equity out of the home. They were very pleased with our 6.99/7.99 Step Rate loan and we were able keep their existing HELOC, which is at a great interest rate, in place. Now the property cash flows.
