- Loan Amount * $175,000
- Rate * 8.75%
- Appraised Value * $520,000
- Term * 60 months, IO
- Lien Position * First
Our Borrower was in contract to purchase an investment property. The Borrower owned a multi-family unit free and clear and wanted to use it as additional collateral for the loan. We were able to make the Borrower a loan secured by both units for a 60-month interest only term with a partial release agreement.
