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Location: Crest Hill, IL

Loan Amount: $580,000

Interest Rate: Prime + 2.50%

Term/Amortization: 25/25

Loan to Value: 65%

Purpose:  Due to extenuating circumstances, the note with the existing lender was in a technical default and refinancing with the existing bank, wasn’t an option. Due to the downturn of the economy and historical credit issues, the borrower wasn’t able to meet the bank’s tight credit requirements. Arriba identified a regional lender that was looking to expand their lending footprint and structured a loan that paid off the existing debt, provided much need working capital along with a small renovation budget.