Recent Transactions
A loan was given to a builder to purchase a commercial property in Chatham, MA. The original appraisal was $900,000. We gave the builder a second position loan of $300,000 behind a $150,000 first mortgage with a local bank. Although written for 1 year, it was paid off in 5 months as the property sold more quickly than anticipated.
A property owner wanted to renovate his rental property to increase his rental income. Based on a current appraisal of $275,000, we were able to lend him the $85,000 he needed to complete the upgrade. He was then able to convince a local bank to give him a conventional mortgage and Waban was paid off.
A realtor in Waltham was renovating and flipping homes. Unfortunately, a pending sale fell through and she was short on financing on the next property. Waban Mortgage was able to step in, and with mortgage positions on the existing home, and a second mortgage on the new house, she gained the time needed to sell the first house.
A builder wanted to build a 2 family house in Seekonk, MA. He and his cousin owned several other multi-family houses in the area. He was able to give Waban Mortgage mortgages on 3 other properties to get a new construction loan in the amount of $275,000 to buy the land and build the new house. After completion, they were able to get bank financing.
A business owner needing working capital to operate his business, Waban Mortgage was able to use the equity in a vacation home as collateral to secure the debt.
A builder owned a lot in Dedham, MA and wanted to build a 2,800 square foot single family home. We were able to lend him $250,000, funding the loan as construction proceeded. The house sold prior to completion and Waban Mortgage was paid off. He used the profit to purchase another lot, and Waban provided similar construction financing for the 2nd house.
A business owner in Fall River wanted to renovate his store. Because he owned another building worth $300,000 with only a $50,000 first mortgage, Waban Mortgage was able to give him a loan of $60,000 – the required amount he needed – to fund the store’s renovations.
Two Real Estate developers purchased a three family and six family houses both in need of renovations. In addition to the subject properties , they added a third property which had been completely renovated and with the 3rd property provided enough equity to support the loan the renovation financing.
A store owner need a loan of $45,000 to finance inventory purchase for the upcoming season, Waban Mortgage was able to provide the financing needed , by placing a mortgage on a commercial property owned by the store owner.
