Property Location: Cape Girardeau, MO
Property Value: 600,000
Loan Amount: $125,000
Interest Rate: 12%
We were able to fund 100% of the purchase and renovation using equity that the borrower had in his commercial building and primary residence. He had very small first mortgages on both and we used 2nd position liens to secure the collateral for this rehab loan. Borrower has 18 months with no prepayment penalties.