The borrower purchased a single family house in Scituate, MA. The Borrower will be using the proceeds of the loan to purchase and renovate the house. The estimated value of the house upon completion is $600,000.
|Loan Amount Needed:||$300,000; $225,000 at closing; $75,000 hold back for renovations|
The borrower needed to fund the loan within one week due to an expiring contract.
Wallace Capital provided a mortgage of $300,000 within the time frame required by the borrower.
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