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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
07/07/2020
Property Type
Property City
Columbus
Property State
OH
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget
$151,600
After-Repair Value
$425,000
Loan-to-After-Repair Value
70%
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Deal Summary
Navigator Private Capital, a direct hard money lender based in Maryland, funded a $297,500 1st lien position rehab loan for a 4-unit multifamily property in the Southern Orchards neighborhood of downtown Columbus, OH. Our Client is currently using the $151,600 repair budget to modernize the kitchens with all new appliances, countertops, and finishes and completely upgrade each bathroom. With new flooring and paint throughout the house as well as a new HVAC system, each unit will be a welcoming sight for potential renters. With an estimated After Repair Value of $425,000, NavCap was able to fund 70 percent of the ARV. At the completion of the rehab, the Borrower intends to refinance our short-term loan into a long-term rental loan. This hard money rehab loan was funded in July 2020.
Funded By
Navigator Private Capital
Knowledge. Experience. Integrity.