- Loan Amount * $200,000
- Rate * 9.99%
- Appraised Value * $400,000
- Term * 24 months, IO
- Lien Position * First
Our Borrower had been in escrow for over a year working on subdividing the property. The sellers were unwilling to another extension. We were able to make a 24 month loan, enough time to finish the mapping and secure construction financing to pay us off.