- Loan Amount * $400,000
- Rate * 9.25%
- Appraised Value * $650,000
- Term * 36 months, IO
- Lien Position * First
Our Borrower was getting close on his building permit expiration and needed to move quickly. After working with banks for months, our Borrower was referred to us and we closed the loan within 15 days. This is a construction to mini-perm meaning the Borrower will have another 24 months to stabilize and refinance or pay off the loan after completion.
