South End Capital Funds a $252,000 Warehouse Purchase Permanent Mortgage in 29 Days
April 24, 2019
In 29 days we funded $252,000 for a 70% LTV auto-repair warehouse purchase loan for a borrower with 654 credit, who wanted a fast and affordable permanent mortgage. We underwrote off bank statements only and paid for the appraisal upfront (The borrower only paid $500 out-of-pocket which we credited back at closing). The interest rate was 9%, fixed for 5 years and amortized over 30 years.