The purpose of the loan in this case was to assist in the acquisition and
renovation of an existing single-family home for the purpose of updating
finishes and converting it into a legal duplex. The property was well-situated
in a mature urban area, leaving no doubt about the lender’s ability
to realize repayment through sale if necessary. The Borrower, who was
experienced in this type of project, did not require the loan to exceed 70%
of the value of the property.