• Loan Amount: $420,000
• Rate: 5.99%
• Appraisal Value: $ 1,025,000
• Term: 24 months
• Lien Position: First

This is the second loan we have to this borrower; a well-established developer in Southern California. The condo was an all-cash acquisition in a short sale transaction. Loan proceeds are being used to remodel and upgrade the unit in anticipation of a sale. A 2-year step rate loan at 5.99% and 6.99% fit the economics of the investor’s strategy.