Program: Private $ Bridge Loan
Property Type: Commercial Dental Office
Loan Amount: $842,000
Loan to Value 'LTV': 60%
Rate & Term: 10%, Interest Only, for 18 Months
Use of Funds: Payoff Current Lienholder, Pay Delinquent IRS Payroll Taxes, and Pay Delinquent Property Taxes.
Situation: The borrower’s note was due and they were getting pressure from the lienholder to take them out. Once title was pulled, the commitment showed liens that should have been resolved with the last refinance, but were not released or removed from title. With the help of the referring broker and investor, we were able to get the payoff negotiated down and two liens released completely.