Two loans on light industrial construction in Desert Hot Springs, CA
Loan Amount * $1.17M (x2) Collateral Valuation: * $4.63M as complete (x2) Term * 18 months, Construction, IO Our borrowers are experienced developers and are about 75% complete building out an 18-building light industrial business park. We recognize the vision and...
Construction Loan of 2 SFR’s in Arcata
Loan Amount * $350,000 Rate * 9.50% Appraised Value * $1,070,000 Term * 12 months, IO Lien Position * First Our Borrower owned two parcels with a home on each. He had permits to build another home on each parcel. We made a construction loan to build both SFR’s and...
Cash out Refi on Development Project
Loan Amount * $1,250,000 Rate * 10.99% Appraised Value * $4,245,000 Term * 36 months, IO Lien Position * First Our Borrower acquired these light industrial properties in 2008. The Borrower is planning on a large-scale development project with the neighboring...
Construction Loan for SFR in Humboldt County
Loan Amount * $245,000 Rate * 9.50% Appraised Value * $446,700 Term * 12 months, IO Lien Position * First Our Borrower needed a construction loan to build his home. He qualified for bank financing but needed to move quickly. We were able to finance the construction...