- Loan Amount: * $1,780,000.00
- Rate: * 11.50%
- Appraisal Value: * $3,350,000.00
- Term: * 48 months, IO
- Lien Position: * First
Our Borrower had defaulted on his note with a local financial institution. After working thru difficult times, the owner was able to lease the property to a cannabis cultivation tenant and was cash flowing again. Unfortunately the lender could not allow reinstatement with the new tenant. We were able to buy the Promissory Note, modify the terms, and bring the borrower current.