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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
10/13/2022
Property Type
Property City
Coquille
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget
$80,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$260,000
Loan-to-After-Repair Value
31%
Renovation Project Scope
Heavy Rehab
Property Neighborhood
Coquille
Location Type
Urban
Property Condition
Poor
Occupancy at Closing
Vacant
Building Square Footage
1,000
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Borrower Credit Rating
Poor
Deal Summary
Blue-inc Capital, a direct lender based in Oregon, funded an $80,000 hard money loan for the renovation of a single-family residence in Coquille, a small rural town in Southern Oregon, near the coast. The Borrower had already owned the property, so we didn’t fund the purchase. The renovation budget was $80,000. Blue-inc Capital was able to wrap all of the construction and closing costs into the loan for 100% financing of this project. The estimated ARV was $260,000 so the loan-to-after-repair value that Blue-inc Capital funded was 31%, in 1st lien position. The approximately 1,000-square-foot subject property was in poor condition and vacant at closing. The Borrower plans to sell the home upon completion of the heavy rehab. The loan term was set at 12 months. This hard money loan was funded in October 2022.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years
Dealmakers
Jake Colter
Loan Originator
NMLS ID 2365400