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11-07-2018, 03:48 PM #1
$2MM Mezzanine Loan using Real Estate Units as Collateral; 93% LTV??? No Appraisal???
Is there anyone who can do or knows of a lender who can do such loan?
Borrower will let lender hold the deed. Needs a quick $2MM for renovations.
1st Lien: $24MM
Value: $28.55MM
Loan Amount: $2MM 2nd position
Location: East Point, GA
Who can do this loan using BPO only? The issue is, of course, doing a loan at such high LTV, in the 2nd.
Couldn't refi the 1st. It's so high!
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