- Loan Amount * $525,000
- Rate * 7.99%
- Appraised Value * $1,520,000
- Term * 18 months, IO
- Lien Position * First
Our Borrower owned a mixed-use property free and clear and wanted to use the equity to purchase a restaurant. We were able to make the loan by securing both properties with no money out of the borrower’s pocket. The Borrower will refinance with SBA financing.
