- Loan Amount: * $620,000.00
- Rate: * 9.50%
- Appraisal Value: * $ 2,300,000
- Term: * 12 months, IO
- Lien Position: * First
Our Borrower was buying out a partner and time was of the essence. While the Borrower is bankable, he couldn’t run the risk of not closing in time for the partner. Our loan facilitated the partner buyout. The plan is to pay our loan off with a lower interest rate bank loan.