Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/31/2017
Property Type
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 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.