This property sold in 2006 for $1,600,000. Our borrower, an out of state investor, was in contract to purchase this property for $1,200,000 from the foreclosing bank. She came in with approximately $500,000 as a down payment and needed a $720,000 first mortgage from us to complete her purchase. She likely could have secured bank financing but not in the timeframe she needed to close this transaction. This broker had worked with us in the past and knew Sequoia could fund the loan quickly. The borrower secured the property and the referring broker was once again paid for his efforts.