Deal Details
Private Loan Type
Purchase
Approx. Funding Date
07/25/2019
Property Type
Single Family Residence
Property City
Roselle
Property State
NJ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
75%
Deal Summary
Jcap Private Lending, an asset-based lender, funded a $165,375 1st lien position bridge loan for the acquisition of a single-family residence in Roselle, NJ. The Borrower was trying to salvage his grandmother’s house that was near foreclosure. Jcap took a chance on funding this loan when the Borrower kept hitting dead ends with other lenders and banks. This 12-month loan with a 75% LTV has allowed the Borrower to keep the home in the family and buy himself time to refinance this property into a long-term loan at a later date. This SFR hard money loan was funded in July 2019.