- Loan Amount: $164,500
- Loan Term: 12 Months
- Interest Rate: 10.9%
- Residential Asset
This new borrower bought this property from another real estate investor because they ran out of capital and could not complete the rehab. This turned into a great find for our borrower as the project was nearly complete, so only acquisition financing was needed, and then they could complete the cosmetic finishes needed before they place the home on market.
Our borrower chose to go with us, as the other private money lender they considered had rates and fees that were too high for them. We were able to come in with a rate that worked well for them, and get them started on completing the home.