Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/07/2019
Property Type
Property City
Savannah
Property State
GA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
58%
Renovation Budget
$155,000
After-Repair Value
$1,100,000
Number of Units
6
Deal Summary
Navigator Private Capital, a private real estate lender, funded a $679,500 1st lien position private money loan to fund a beautiful multi-family rehab project in Savannah, GA. The Borrower needed funding to renovate the existing six individual units with the intent to turn the property into a short-term vacation or student housing rental. Located a block from Savannah’s meeting grounds at Forsyth Park, close to the Savannah College of Art and Design, the property is in a prime rental location. The LTV for the project was 58% with an after-repair value of $1.1M. The Borrower used their $155K repair budget to replace the flooring throughout, update each kitchen with new cabinets, countertops and appliances and refresh the paint and trim. This private money loan was funded in November 2019, and the rehab took four months to complete.