- Loan Amount * $1,425,000
- Rate * 8.49%
- Appraised Value * $2,850,000
- Term * 12 Months, Interest Only
- Lien Position * First
Our Borrower is successful in carwashes and convenience stores. He was in contract to purchase a parcel of land entitled for a carwash. Land is difficult to finance so we were asked to make a bridge loan while the borrower worked on the CUP and obtained construction financing.