- Loan Amount * $900,000
- Rate * 9.49%
- Appraised Value * $2,700,000
- Term * 18 Months, Construction
- Lien Position * First
Our borrower had plans ready to build out a 4,850 sf retail “showroom” and a 9,000 square foot warehouse for storage. The overall project is approved for 6 total buildings but our loan was to build out 2 of the 6. Upon completion and occupancy, the borrower will refinance with more traditional financing.