- Loan Amount* $500,000
- Collateral Valuation: * $1,010,000
- Term * 9 months, First Lien, IO
- Rate * 10.89%
Our borrowers are moving to Santa Barbara to build their dream home. The lot came with building plans which still need final approval. Construction financing was discussed but it was too early in the process to provide purchase money financing as well as construction financing. The Borrowers will finalize the plans and come back when they are ready to begin building.