We`re looking for a small second mortgage of $500,000 to place on land worth over $9.4 Million, with total LTV not to exceed 50%. There is an existing first mortgage of $4.2M, and 50% of 9.4 is 4.7MM, hence we are looking for $500,000. This is a short term loan, with a maturity of Sept.30, 2008, which explains why we are willing to offer 14% interest only monthly payments with a balloon repayment upon maturity of the note. The 2nd mortgage will be registered on title as security.
If you are interested, please call Kevin Ablett, at 403.880.0138.
Thank you,
Kevin.
If you are interested, please call Kevin Ablett, at 403.880.0138.
Thank you,
Kevin.