- Loan Amount * $300,000
- Rate * 9.50%
- ReProp’s Value * $590,000
- Term * 6 Months, Interest Only
- Lien Position * First
Our repeat borrower was on a time crunch to get permits pulled before a new permit fee was enacted. He owned a newly constructed house with a recently issued C of O that we were able to use as collateral for the cash out refinance. We will be paid off when he refinances with his usual, slower, bank financing.