• Loan Amount: $135,000
• Rate: 9.75%
• Appraisal Value: $ 360,000
• Term: 15 years
• Lien Position: First

This borrower had an existing loan with us and wanted to purchase a fixer-upper motel in Trinity County owned by and investment fund and managed by a REO disposition company. His offer was accepted and he was given 20 days to close. We originated a new loan, paid off the existing one and cross-collateralized with the motel and another property in different Counties, all within the 20 days deadline.