• Loan Amount: $244,750(1st) / $44,500(2nd)
• Rate: 8.75%(1st) / 12.00%(2nd)
• Appraisal Value: $445,000
• Term: 36 months
• Lien Position: First

This borrower plans to rehab the units as they become available and possibly convert 1 or 2 into vacation rentals. Since he would use the funds to improve the units and increase the property value, we were able to provide a piggyback 2nd lien. The cash flow from the units currently is great and will only get better with updated interiors.