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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
09/24/2021
Property Type
Property City
Colonial Beach
Property State
VA
Loan Term (months)
8
Lien Type
1st Mortgage
Payment Type
Interest Only
Building Square Footage
2,000
Borrower Credit Rating
Excellent
Deal Summary
Property Flip Loan funded a $150,000 new construction loan for a single-family home, allowing the Borrower to refinance the lot that he owned outright in Colonial Beach, VA. The Borrower is an experienced electrical contractor who has many years of construction experience. We closed this loan for the Borrower quickly with No Appraisal and No Prepayment Penalties. The loan term was set at 8 months; however, construction is expected to be completed sooner at which time the Borrower will look to sell the 2000-square-foot home. Loan docs for this were signed and this SFR new construction loan was funded in September 2021.
Funded By
Property Flip Loan
Real Estate Investment Financing