)
Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/17/2023
Property Type
Property City
Medford
Property State
OR
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$700,000
Loan-to-Value
49%
Renovation Budget
$345,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,200,000
Loan-to-After-Repair Value
28%
Renovation Project Scope
Heavy Rehab
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Vacant
Borrower's Plan
Development
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Deal Summary
Blue-inc Capital, a private lender based in Oregon, funded a $345,000 refinance bridge loan in 1st lien position secured by a Cannabis Farm in rural Medford, OR. The property value was estimated to be $700,000 and the renovation budget was $345,000. We funded 49% of the purchase and 100% of the renovation. The Borrower contributed 51% of the purchase price at closing. The after-repair value was estimated to be $1,200,000 so our loan-to-after-repair value was 28%. The Borrowers were looking to expand their cannabis operation which included adding new greenhouses and upgrading the existing ones. We were able to close this loan quickly and give the Borrowers the cash they needed based on the equity in the property. The subject property was in good condition and vacant at closing. The Borrower had good credit. They plan to pay off this loan using revenue from the cannabis business over the 24-month loan term. This CRE refinance bridge loan was funded in February 2023.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years
Dealmakers
Jake Colter
Loan Originator
NMLS ID 2365400