- Loan Amount* $375,000
- Collateral Valuation: * $745,000
- Term * 18 months, First Lien, IO
- Rate * 10.99%
Our borrower was in escrow for the purchase of a large tract of land when the initial financing source backed out at the last minute. A fantastic mutual colleague referred the Borrower to us. We had one week to close before the Seller canceled. Valuation, ability-to-repay, and exit plan were confirmed in short order and our client’s acquisition goal was met!