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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
11/15/2022
Property Type
Property City
Eugene
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$700,000
Previous Loan Balance
$125,000
Loan-to-Value
59%
Renovation Budget
$290,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Borrower's Plan
Build and Hold
Exit Strategy
Refinance
Borrower Credit Rating
Good
Deal Summary
Blue-inc Capital, a hard money lender based in Oregon, funded a $415,000 refinance loan secured by a single-family residence in Eugene, OR. The home’s estimated value was $700,000 so the loan-to-value for our 1st mortgage was 59%. The Borrower had a home on a property that was being moved to another location. Blue-inc Capital was able to pay off a previous loan balance of $125,000 and funded the costs of the move and setup of the home to the new property. A very unique situation for the Borrower that required creative financing to make the move possible. The Borrower had good credit. They plan to build and hold, then eventually refinance as an exit strategy. The loan term was set at 12 months. This hard money construction loan was funded in November 2022.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years