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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
01/11/2023
Property Type
Property City
Burns
Property State
OR
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$3,280,000
Previous Loan Balance
$1,634,344
Loan-to-Value
55%
Term
3 years
Rate Type
Fixed
Location Type
Rural
Property Condition
Excellent
Number of Units
39
Lot Acreage
1.97
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
10.99%
Origination Points
3%
Broker Commission
$27,405
Deal Summary
Precision Capital, a direct private lender, funded a $1,827,000 bridge loan in 1st lien position secured by a 39-unit hotel in Burns, OR. The property value was estimated to be $3,280,000 so our loan-to-value was 55%. We paid off a previous loan balance of $1,634,344. The subject property was in excellent condition and situated in a rural location. The lot acreage was approximately 1.97. The Borrower had excellent credit. They plan to continue leasing the property and eventually refinance as an exit strategy. The interest rate was fixed at 10.99%. We charged 3% origination points, and the broker earned a $27,405 commission. The loan term was set at 36 months. This refinance bridge loan was funded in January 2023.
Funded By
Precision Capital
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