40 townhome style condominium community in Olympia. Built as condos in 1988, they were used as apartments for the last 15 years. Borrower was the original builder and needed a new loan that contained a deed release provision allowing him to sell off the townhomes as individual condos. Of course, there was no income verification and no prepayment penalty. Upon sale, borrower’s profit calculates in excess of $1,000,000!
