This is a 14 unit apartment building in San Jose, California. The borrower brought $1,100,000 in equity, CASCO financial provided a loan for $2,400,000. Part of the loan went towards the property acquisition, and a portion was used for the necessary upgrades.
Loan Amount: $2,400,000
Loan Term: 18 Months
Loan-To-Value Ratio: 68.57%
Annual Interest Rate : 9% – paid monthly