The borrower is using the funds to invest in another real estate project that went over budget. Borrower intends to payoff the mortgage by refinancing with traditional financing.
loan overview
$200,000
loan priority
1st Mortgage
loan type
Refinance
loan to value (LTV)
43%
appraisal value
$470,000
interest rate %
Sub 10%
term length (months)
12 months
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