- Loan Amount * $226,000
- Collateral Valuation: * $357,550
- Term * 12 months, First Lien, IO
- Rate * 9.99%
Our borrower, a handyman/contractor, lives next door to this fixer home and was ready to buy as soon as his neighbor had it listed. We provided the purchase money loan and the borrower will fund the rehab. Our borrower will refinance the loan with traditional finance once the homes rehab is complete.