- Loan Amount: * $350,000
- Rate: * %11.14 Adjustable
- Value: * $970,000
- Term: * 15 Year fully amortizing
- Lien Position: * First
Our Borrower was looking to refinance a hard money loan of their Commercial Real Estate complex. One condition they wanted was a partial release clause permitting the sale of certain lots in the complex. They have been negotiating a purchase and sale agreement with one of the tenants. They are working on a lot line adjustment to the back parcel and, upon completion, expect to sell it to the tenant. We included a partial release agreement in our docs. The Borrower was also looking for long term financing, so they would not need to refi in a year or two and wanted amortization. We provided for their requests and closed the deal to our mutual satisfaction.
