Loan Amount * $2,075,000
Collateral Valuation: * $4,300,000
Term * 18 months, First Lien, IO
Rate * 8.89%
Extension of current financing with refinance while finding a great buyer.
Our borrower is preparing to sell his real estate. The current tenant is an exotic car sales business. The specialty nature of the real estate means he expects a longer market exposure time before finding the right buyer. His current loan was maturing, and he asked ReProp for a rate and term financing option. Commercial real estate is our business. Our loan will be paid off when the property is sold.