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 for business. Sequoia overcame construction-completion and mechanic’s lien issues and provided this three-year, cash-out first mortgage at 11% and a 4.5 point fee. The referring Broker charged a 2.5% fee.