Commitments Issued in June
In June we issued the following commitments for first lien positions on properties:
$300,000 Residential owner occupied loan to a Canadian couple moving to Texas. They needed this short term loan to allow them time to establish their residency in Texas and build lines of credit that are picked up by the US credit reporting agencies. Once they have financially established themselves in the States they will easily refinance their home into a conventional mortgage.
$1MM Commercial loan to rehab a small strip center in Austin.
$200,000 residential construction loan to help an Austin area builder. His lender stopped funding his project after he poured the foundation. We rescued the project by providing funds to complete the home so that the builder can get it sold.
$80,000 residential construction loan in Bastrop for a new home builder. He owned the lot and covered the soft cost himself.
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