- Loan Amount: * $500,000.00
- Rate: * 8.75%
- Appraisal Value: * $1,250,000.00
- Term: * 72 months, IO
- Lien Position: * First
Our borrower owned this property free and clear and was in contract from another purchase. We provided the cash out from this property for the down payment on the property in escrow. The units had some deferred maintenance resulting in higher pricing. The borrower requested a longer term bridge loan.