• Loan Amount: $244,750(1st) / $44,500(2nd)
  • Rate: 8.75%(1st) / 12.00%(2nd)
  • Appraisal Value: $445,000
  • Term: 36 months
  • Lien Position: First

This borrower plans to rehab the units as they become available and possibly convert 1 or 2 into vacationĀ rentals. Since he would use the funds to improve the units and increase the property value, we were able to provideĀ a piggyback 2nd lien. The cash flow from the units currently is great and will only get better with updated interiors.

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