- Loan Amount * $725,000
- Rate * 9.49%
- ReProp’s Value * $1,150,000
- Term * 24 Months, Interest Only
- Lien Position * First
Our borrower had a maturing loan on the property. He plans to sell the apartment building but first needed to make some cosmetic upgrades. He negotiated a reduced minimum interest period because he was unsure how quickly the unit would sell and he did not want to pay a penalty at payoff. When our borrower knows just what they need, we can usually adjust our terms to make their conditions work.