Month: May 2017

2,583 SQ FT – Commercial Refinance

Property Location: Woodward, OK Property Value: $370,000 Loan Amount: $150,000 Loan Term: 24 Months Interest Rate: 13% Closed In: 3 Weeks This borrower needed funds for debt consolidation, he pledged this free and clear rental dwelling as collateral.  

2858 SQ FT Commercial Purchase with Rental Unit

Property Location: Cromwell, CT Property Value: $410,000 Loan Amount: $290,000 Loan Term: 18 Months Interest Rate: 13% Closed In: 2 Weeks This borrower needed help with money to complete the purchase of this commercial shop and rental dwelling lot. They plan to refinance conventionally to pay us off.

1,500 SQ FT – Purchase Loan

Property Location: Swartz Creek, MI Property After Repair Value: $115,000 Loan Amount: $75,000 Loan Term: 24 Months Interest Rate: 12% Closed In: 3 Weeks This repeat borrower needed cash to complete the purchase of a property they plan to fix and flip.

4,558 SQ FT – Commercial Building Refi

Property Location: Covington, KY Property Value: $265,000 Loan Amount: $70,000 Loan Term: 24 Months Interest Rate: 12% Broker Commission: $3,500 Borrower needed cash to pay off debt accounts, minor renovations on property to make a rentable space above the commercial space. Plans to refi conventionally.

2,800 SQ FT – SFR Fix ‘N Flip

Property Location: Saginaw, MI Property Value: $130,000 Loan Amount: $65,0000 Loan Term: 24 Months Interest Rate: 12% Closed In: 3 Weeks Borrower purchased the property, free and clear, needed funds to make minor renovations before putting the house on the market for sale.

3,400 SQ FT – Multi-Unit Construction Loan

Property Location: Sebago, ME Property After Repair Value: $180,000 Loan Amount: $90,000 Term: 24 Months Interest Rate: 12% Closed In: 3 Weeks Borrower had purchased this property and needed assistance with funds to rehab it, borrower plans to sell the property when complete and pay us off.