The above property was owned free and clear by the owner and they needed cash for other purposes. We gave them a 50% Loan to Value Loan within 2 days of getting the loan request.
We provided the 65% of the funds to purchase this property. The borrower made a downpayment of 35%, plus they are doing the repairs out of their own pocket, plus they gave us a 1st Mortgage on another rental property that they owned free and clear (cross collateralization).