Borrower was nearing completion of the project and needed funds to offset the cost overruns. They will refinance in 4-6 months with a conventional lender.
loan overview
$3,600,000
loan priority
1st. Mortgage
loan type
Refinance
loan to value (LTV)
59%
appraisal value
$12,000,000
interest rate %
Sub 10%
term length (months)
24 month
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