The deal allows the property owner to refinance an existing $6.8 million bridge loan at a more favorable rate, and to pocket $2.3 million for additional renovation projects. The loan is for a one-year term and carries the option for a one-year extension.
"Based upon the borrower's track record and the market, we believe that PRC will be able to take this interim loan and place it into the permanent loan market in the near term," says PRC president Dan Palmier.
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