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...
Refi on Mixed-use property in Humboldt County.
Loan Amount * $240,000 Rate * 8.99% Appraised Value * $500,000 Term * 24 months, IO Lien Position * First Our Borrowers acquired a mixed-use property and needed to refinance. The Borrowers are opening a business on the first floor and needed time to stabilize the...
20 Acre Farm with Homestead in Humboldt County
Loan Amount * $540,000 Rate * 11.14% Appraised Value * $818,000 Term * 15 years, Amortizing Lien Position * First Our Borrower was in contract to purchase a 20-acre farm in Humboldt County and traditional financing was difficult for two reasons: loan size and acreage....