- Loan Amount * $110,000
- Rate * 9.99%
- ReProp’s Value * $350,000
- Term * 12 Months, Interest Only
- Lien Position * First
Our borrower recently purchased a four-plex in need an major renovation. We were able to make her a cash out refinance loan for the renovation work. We were able to underwrite the loan based on the as-is value and did not need to use a construction reserve.