Our loan paid off a first mortgage of $1,000,000 and replenished money the borrower spent on extensively renovating the property, including seismically reinforcing the building. The payment on our loan is only 60% of the rents generated by the building, so the positive cash-flow is solid. Although a difficult loan type in today’s market, Sequoia understood the immediate market area. The borrower recouped his renovation money and was able to maintain a positive cash-flow.