The additional terms of the deal are as follows : 1) a 8% interest rate, 2) a 2 year term with interest-only payments made each month, and 3) 2 points charged at the closing. The lender will loan 70% of the market value of the real estate (LTV) for a first position equity stake and they deem the building to be worth around $700,000.
In order to make the deal happen, she takes money from the equity she has in the property through a hard money cash-out refinancing from Advanced Lending Company. She comes to a deal with her business partner to purchase their piece of the operation but she doesn't have enough personal funds for the deal. Katherine owns a a building for her company's operations in Clinton Township, MI.
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