Program: Private Money
Loan Amount: $500k
Property Type: 2.4 Acres of Land
Loan Purpose: Refinance
Loan to Value: 52% of the 'As Is' Value
Terms: 10.5% Interest, 20 Year Note Fully Amortized
Challenge: Note had come due & lienholder stopped accepting payments
Situation: Our client purchased the property in 2007 as the land sits on prime frontage, surrounded by chain retailers and eateries. The property was purchased with the intent to build a hotel as an addition to a portfolio of hotel properties in TX & Mexico. Our processing team & closer successfully negotiated the final payoff down by $67k.