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 borrower has a credit score of 757 and a conventional bank first currently on the property. The borrower, a certified gemologist whose business dates back to 1945, previously operated his jewelry store from this location but later moved to a larger location and leased this property to a local real estate company. He could […]