- Loan Amount * $500,000
- Rate * 8.99%
- Appraised Value * $1,450,000
- Term * 2 Months, Interest Only
- Lien Position * First
Our borrower was working with traditional financing, but due to many delays, the seller was unwilling to grant the buyer another extension. ReProp was asked to make this loan in 72 hours so the borrower did not lose a large earnest money deposit. We received a call Sunday asking if we can close by Tuesday, and we did saving our borrower from losing a deal and their deposit!