Details:The borrower was purchasing a 9 hole executive style golf course on a 19.85 acre parcel of land on Cape Cod, intending to permit the land to build residential units and sell the permitted parcel.
| Purchase Price: | $3,000,000 |
|---|---|
| Loan Request: | $2,200,000 |
The borrower needed to close in two weeks and could not find a bank able to provide the loan in a timely manner.
Wallace Capital provided a first mortgage on the property within two weeks of initial contact.
| Loan Amount: | $$2,200,000 |
|---|---|
| Loan Term: | 1 year with a one year extension |
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