- Loan Amount * $3,900,000
- Rate * 10.89%
- Appraised Value * $14,800,000 as complete
- Term * 30 Months, Construction
- Lien Position * First
We typically don’t reach this high, but when we do, it’s with a first/second lien combination and we were willing with this repeat borrower. Temps of over 100F are not uncommon in this area, so our borrower-builder is constructing a two-story tilt concrete light industrial building for cultivation. This loan will be repeated once more for the final phase. Our borrower will either sell the building or will refinance into longer term financing with us or another lender.