NORTH CAROLINA RENTAL
LFB successfully funded a $464,640 bridge loan secured by a single-family rental property in Greenville, North Carolina. A repeat client approached LFB in search of financing for a newly constructed home. The borrower built the property a couple years ago but had an outstanding mechanic’s lien he needed to pay off. Due to the outstanding mechanic’s lien, and a below average credit score, the borrower did not qualify for conventional bank financing.
Through its direct lending program, LFB was able to fund a 12-month bridge loan at 67% of the appraised value. The loan features interest only payments and does not include a prepayment penalty. The financing provided borrower with enough proceeds to pay off the mechanic’s lien, and provides enough time to improve borrower’s credit so they can refinance into more permanent financing.