• Loan Amount * $180,000
• Collateral Valuation: * $300,000
• Term * 12 months, First Lien, IO
• Rate * 9.50%

Our repeat borrower, a developer, wanted to purchase a fire damaged house to tear down and develop into multi-family. Conventional financing is very difficult when the home does not conform to conventional standards. He came to ReProp for the purchase money and will get a bank loan when it comes time for development.