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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/07/2020
Property Type
Property City
Denver
Property State
CO
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$400,000
Source of Borrower's Contribution
Cash
Property Neighborhood
Virginia Village
Location Type
Urban
Property Condition
Newly Renovated
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
2%
Deal Summary
Lead Funding, a private lender, funded a $400,000 bridge loan in 1st lien position for the acquisition of a single-family residence in the Virginia Village neighborhood of Denver, CO. The purchase price was $400,000. The Borrower opted to fund a portion of the purchase price and all of the rehab costs. The project was a huge success! The after-repair value prior to closing was $680,000. The Borrower listed for $739,000 in February 2021 and sold the property for $850,000.00. The subject property was newly renovated and vacant at closing. The Borrower had good credit. They plan to sell the property upon completion of the rehab. The interest rate was 12% and we charged 2% origination points. The loan term was set at 12 months. This SFR bridge loan was funded in October 2020.
Funded By
Lead Funding
Direct Lender Funding up to 100% LTC plus Rehab (max LTV restrictions apply)
Dealmakers
Jason Richards
Vice President