Private Money Loan for Mixed-Use Commercial Property in Humboldt County, California

Funded by ReProp Financial

$295,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

10/31/2017

Property Type
Mixed-Use
Property City

Humboldt County

Property State

CA

Loan Term (months)

36

Lien Type

1st Mortgage

Payment Type

Interest Only

Property Value

$590,000

Loan-to-Value

50%

Exit Strategy

Conventional Loan

Interest Rate

9.89%

Deal Highlights

Loan had matured and needed to be paid off.
Our loan gave the Borrower additional time to make repairs and upgrades.

Deal Summary

Reprop Financial, a private money lender, provided a $295,000 1st lien position private money refinance loan secured by a mixed-use commercial property in Humboldt County, CA. The Borrower acquired this real estate with seller carry-back financing. The loan had matured and needed to be paid off. We were able to provide a bridge loan in the amount of $295,000 to pay off the seller financing, and our loan gave the Borrower additional time to make repairs and upgrades. They plan to refinance with a conventional lender once the property renovation is completed. The appraised value was $590,000 so the loan-to-value was 50%. Our interest rate was 9.89%, and the loan term is 36 months. We funded this private money loan in late 2017.

Funded By

ReProp Financial

Private Money for Real Estate Investors Since 1978