A Borrower contacted Mortgage Equities Inc. for a bridge loan collateralized by his rental property in Issaquah, WA.
The subject property is a 2 acre lot with a 2,000 square foot home (3 bedrooms/3 bathrooms). The property also has a cell tower which has been leased to a phone company for 10 plus years.
The purpose of the loan is to finance the completion of a connecting structure between the home and the garage. This structure would allow the Borrower to legally rent the space above the garage. Due to the Borrower’s large rental income and low loan to value ratio, Mortgage Equities was able to provide very favorable loan terms including a sub 9.00% interest rate.