- Loan Amount * $1,115,000
- Rate * 8.49%
- Appraised Value * $2,160,000
- Term * 12 Months, Interest Only
- Lien Position * First
Our Borrower owns and operates gas stations. He purchased a gas station and C-mart in a rural area with seller financing that was maturing. Since it was tenant occupied, the bank wanted 2 years tax returns before refinancing the loan. We were able to make our borrower a 24 month bridge loan as requested.