This self-employed and stated-income borrower exceeded his construction budget on his house and needed a loan to complete the project. Sequoia lent on his free-and-clear commercial building in Concord. Both tenants’ leases will expire during the term of the loan and Sequoia funded it without an appraisal of the subject property. We lent $100,000 at 11% for three years and charged a flat fee of $5,000. The referring Broker charged 2.75 points.