Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/15/2023
Property Type
Property City
North Bend
Property State
OR
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$226,000
Loan-to-Purchase Price
97%
Borrower's Contribution to Purchase
47%
Source of Borrower's Contribution
Equity in Another Property
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
5,000
Borrower's Plan
Continue Occupancy
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Deal Summary
Blue-inc Capital, a private lender based in Oregon, funded a $220,000 purchase bridge loan in 1st lien position for the acquisition of a commercial warehouse in rural North Bend, OR. The Borrowers were looking to close quickly like cash on a competitive purchase. We were able to use the equity in another piece of property they owned free and outright to fund this purchase at almost 100% financing. We funded 97% of the $226,000 purchase price, while the Borrower contributed 3% cash. We put a lien on both properties which put our loan-to-value at around 53%. The subject property was in good condition and vacant at closing. The building was approximately $5,000 square feet. The Borrower had good credit. They plan to continue leasing the property and pay off the loan over the 24-month term. This CRE hard money loan was funded in February 2023.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years
Dealmakers
Loan Originator
Jake Colter
NMLS #2365400