- Loan Amount * $1,100,000
- Rate * 8.99%
- Appraised Value * $2,000,000
- Term * 12 Months, Interest Only
- Lien Position * First
Our borrower who is a real estate broker and developer in the greater Scottsdale area of Arizona was in contract on this neighboring property as well.. We were able to provide the financing for the purchase. He will then use his own funds for the redevelopment soft costs and refinance our loan with construction financing when the time comes.