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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/20/2019
Property Type
Property City
Phoenix
Property State
AZ
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,950,000
Loan-to-Purchase Price
97%
Borrower's Contribution to Purchase
3%
Source of Borrower's Contribution
Cash
Renovation Budget Funded
100%
After-Repair Value
$7,000,000
Exit Strategy
Sale
Deal Summary
Newport Commercial Capital, a direct CRE lender, funded a $1,900,000 private money loan for the acquisition of a vacant commercial property in Phoenix, AZ. The purchase price was $1,950,000. The Borrowers contributed $50,000 towards the purchase price and will be funding the entire renovation budget themselves. They plan to rezone the property, build out the space, and then resell upon completion. The after-repaired value is estimated to be around $7,000,000. This was both the Borrower’s first application and first loan with us. This CRE private money loan was funded in September 2019.
Funded By
Newport Capital
Easy, reliable, on-time funding that you can count on.