The collective decision was made amongst the beneficiaries to sell their family home after mom and dad had passed away. With little to no work being done over the past 20+ years, they knew they needed to address a few issues, and freshen the property up to get the highest and best offer.
There was a small first mortgage in place that we didn’t want to disrupt, so we went in second position behind it. The work was completed in record time, and the property was listed and sold above asking well before our loan was due. Part of what makes our trust loans so attractive in these situations is that there are no prepayment penalties, which proved to be extremely beneficial in this case.