Residential: Multi-Unit Bed & Breakfast in University Town
Loan Amount * $380,000 Collateral Valuation: * $825,000 Term * 24 months, First Lien, IO Rate * 8.99% A versatile property close enough to the university to be long term rentals for students, yet rural enough to be a short term weekend get-away rental. The borrower...
Commercial: Rate and Term Refinance of Exotic Car Dealership, Costa Mesa CA
Loan Amount * $2,075,000 Collateral Valuation: * $4,300,000 Term * 18 months, First Lien, IO Rate * 8.89% Extension of current financing with refinance while finding a great buyer. Our borrower is preparing to sell his real estate. The current tenant is an exotic car...
Construction: Motel Renovation Northern California
Loan Amount * $800,000 Collateral Valuation: * 3,300,000 Term * 12 months, First Lien, IO Rate * 9.50% Opportunity to renovate during COVID shutdown makes occupancy difficult for hospitality industry. Cost overruns on a major remodel caused our borrowers to need...
CONSTRUCTION FINANCING ON MULTI-USE BUILDING
Loan Amount * $877,500 Collateral Valuation * $1,350,000 Term *12 months, First Lien, IO This owner/builder was working with a major national bank to fund his construction project, but additional requirements by the bank caused the borrower to look for another...
