Details:The borrower purchased a 12,000 square foot building on 1.8 acres of land. The building was formerly a restaurant/bar and the borrower purchased all the fixtures, equipment and the liquor license. The property was owned by a bank.
| Purchase Price: | $850,000 |
|---|---|
| Loan Request: | $500,000 |
The borrower needed to fund the loan within two weeks and had a weak credit score.
Wallace Capital provided a first mortgage within the two week time frame required by the borrower and underwrote the loan based on the value of the property, not the credit worthiness of the borrower.
| Loan Amount: | $500,000 |
|---|---|
| Loan Term: | 1 year |
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