Private Money Loan for Humboldt County Mixed-Use Commercial Property

Reprop Financial provided a private money refinance loans secured by a mixed-use commercial property in Humboldt County, CA. The Borrower acquired this real estate with seller carry back financing. The loan had matured and needed to be paid off. We were able to provide a bridge loan in the amount of $295,000 to pay off the seller financing, and our loan gave the Borrower additional time to make repairs and upgrades. They plan to refinance with a conventional lender once the property renovation is completed. The appraised value was $590,000 so the loan-to-value was 50%. Our interest rate was 9.89%, and the loan term is 36 months. We funded this private money loan in late 2017.