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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/21/2020
Property Type
Property City
Philadelphia
Property State
PA
Payment Type
Interest Only
Loan-to-Value
54%
Deal Summary
Commonwealth Capital, a direct private lending firm, recently closed a $197,000 note acquisition loan for a triplex property in Philadelphia, PA. Our loan-to-value was 54%. The funds will be used to renovate the subject property for resale. The Borrower was a real estate developer in Philadelphia. Their previous lender who had completed a loan in Philadelphia determined that they did not want to keep an originated mortgage on their balance sheet. Commonwealth Capital was able to provide the liquidity they needed by purchasing the note. The Borrower was able to have the renovation funds required for this triplex. This note acquisition loan was funded in October 2020.
Funded By
Commonwealth Capital
Direct Bridge Lending for Real Estate Owners