This self-employed borrower is a Realtor that completely gutted and renovated this property and had just listed it for sale when she approached us for a loan. The property was free-and-clear, and she needed $1,100,000 cash-out to purchase another property. Due to a value near $2,500,000, the likely listing period of six months allowed the […]
Archives for October 2014
This borrower just completed ground-up construction on this commercial building and had yet to find a tenant. His current first mortgage was due, and our loan affords him the ability to meet his obligations, stabilize the income and seek conventional financing. We quickly funded $750,000 on this vacant building in the Bayview.
This stated-income borrower has a 481 FICO score and has outstanding judgments and other involuntary liens on his credit report. He purchased this property using all cash and needed a quick $175,000 cash-out first mortgage to replenish his coffers. Sequoia made this 50% loan-to-value first mortgage at 12% and charged a modest $7,000 origination fee. […]
This self-employed, stated-income borrower needed Sequoia’s $471,000 loan to buy out his siblings ownership in the subject property. Sequoia made this 60% loan-to-value first mortgage at 11.5% interest and a 3 point fee. The referring Broker charged a 2 point fee, and the borrower was delighted to buy out his sisters.
This self-employed, stated-income contractor purchased this property using mostly all cash. He then proceeded to renovate the building by adding a 2nd story and turning the entire space into a restaurant, again using all-cash. His budget was exceeded with construction overruns, and he needed a quick injection of $600,000 to complete the restaurant and open […]
This property was purchased in July of 2008 for $1,450,000 all cash. The owners are entrepreneurs that needed $550,000 cash out to secure the lease and make improvements to their new store, located across the street from the San Francisco Giants stadium. Since banks are very limited in terms of the amount of cash out […]