- Loan Amount * $249,000
- Rate * 7.99%
- Appraised Value * $2,225,000
- Term * 18 months, IO
- Lien Position * First
Our Borrower was in contract to purchase an investment property. Bank financing wouldn’t have been very timely because the loan was made to an entity with a foreign national as manager. We were able to make the Borrower an 18-month loan while they work on long-term conventional financing.
