The borrower required bridge financing in order to buy-out a partner. Borrower intends to payoff the mortgage through refinancing with traditional financing for the redevelopment of the site.
loan overview
$3,465,000
loan priority
1st. Mortgage
loan type
Purchase
loan to value (LTV)
55%
appraisal value
$6,300,000
interest rate %
Sub 10%
term length (months)
24 months
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