Minnow Loan, a local Missouri direct private lender, funded a $170,539 1st lien position fix and “hold” loan secured by 3 single-family properties all located in Jefferson City, MO.  The property values, combined were estimated at $360,000 so our actual loan-to-value was 47%.  The borrower is an experienced real estate investor who was able to use the equity in one of their other properties to adequately collateralize this purchase without bringing any cash to close.  The borrower plans to refinance with Minnow into a long-term rental loan (DSCR) once construction is complete – and we will release the lien on the additional 3rd property.  The interest rate was fixed at 12.5% with interest only payments, and we charged 3% origination points.  The loan term was set at 12 months, with no prepayment penalty.  This fix and “hold” loan was funded in April 2024.