New 2nd lien behind the existing first of approximately $850,000 at 3.375%, which REMAINS in place and is NOT being refinanced (that below-market first is why we are not doing a full refi). Proceeds pay off and CLOSE the existing HELOC of approximately $251,000 at 10.5% currently in 2nd position, so this new loan records in 2nd position - not 3rd. Loan amount $535,000 = HELOC payoff plus roughly $284,000 net cash. Collateral is 65 Lewis St #506, Boston MA 02128: 1-unit luxury waterfront condominium in East Boston, superior/well-maintained condition, deeded parking. Current all-in liens are $1,103,154 against a $1,850,000 value; after closing CLTV = ($850,000 + $535,000) / $1,850,000 = 74.9%. Borrower Christopher Rock is a US citizen, semi-retired, 740-749 FICO, clean credit (no BK/foreclosure/short sale/deed-in-lieu), net worth $1,000,000-$4,000,000 and liquid assets $1,000,000-$1,700,000, so payments are easily carried out of reserves until the unit sells. Borrower has relocated to Franklin, TN, so this unit is non-owner-occupied, business purpose - not a primary residence. Income is not verified via tax returns; this is a credit-, equity- and asset-based request. Seeking a 12-24 month interest-only hard money / bridge 2nd with no prepay or a short prepay so it can be retired at sale.
