- Loan Amount: $1,500,000
- Rate: 11.5%
- Combined Appraisal Value: $3,690,000
- Term: 9 months, IO
- Lien Position: First
Our borrowers were in escrow on an investment purchase and needed to quickly pull equity out of 3 of their free and clear properties for a short period of time. We were able to make an investor grade 1st lien for 9 months and a piggyback 2nd lien in the amount of $1MM for 6 months to help facilitate the transaction.
