Deal Status

Active

Property Address

11 E Hallowell Lane , Nantucket Massachusetts 02554

Requested Loan Amount

$6,750,000

Loan to Value

57%

Loan Term

36 months

Lien Position

1st

Collateral Type

Residential Property

Exit Strategy

Refinance

Collateral and Loan Details

Property Type

Single Family Residence

Number of Bedrooms

5

Number of Bathrooms

3

Owner Occupied

No

Loan Type

Purchase, Rehab Fix & Flip

Property Sq. Footage

2,796

Has property been located?

Yes, and it’s under contract

Purchase Price

$6,750,000

Purchase Contribution

$500,000

Purchase Contribution Source

Own Cash

Loan to Cost

50%

Purchase Plan

Sell It

Renovation Cost Estimate

$500,000

Renovation Description

Clients are acquiring waterfront property at a deep discount from market value in Nantucket. Property just appraised at $13.25MM. Client wants a bridge loan to secure property at $6.75MM then rehab and flip the property.

Renovation Budget

Yes

Future Value

$13,250,000

Future Loan to Value

51%

Renos Completed

5

Contractor

No

Team Ready

Yes

Lot Size

1.01 acres

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Excellent

Attachments

First Name

Pedro

Last Name

Marrero

Phone Number

(407) 361-6656

Company

Engel & Voelkers

Role

Mortgage Broker

Location

Orando, Florida

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