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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
04/08/2022
Property Type
Property City
Willamina
Property State
OR
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$167,050
Loan-to-Purchase Price
100%
Borrower's Contribution to Purchase
0%
Renovation Budget
$181,500
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$530,000
Loan-to-After-Repair Value
66%
Renovation Project Scope
Heavy Rehab
Location Type
Rural
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,535
Lot Acreage
5
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
11.99%
Origination Points
3%
Deal Summary
Precision Capital, a direct private lender, funded a $348,550 1st lien position hard money loan for the acquisition and rehab of a single-family residence in Willamina, OR. We funded 100% of the $167,050 purchase price and 100% of the $181,500 renovation budget. The after-repair value was $530,000 so our loan-to-after-repair value was 66%. This property was uninhabitable at the time of purchase. Our Borrower saw the diamond in the rough and we were pleased to help them bring this property back to life! It was approximately 2,535 square feet set in a 5-acre lot. The Borrower had good credit. They plan to lease the property upon completion of the heavy rehab and eventually refinance as an exit strategy. The interest rate was 11.99% and we charged 3% origination points. The loan term was set at 24 months. This SFR hard money loan was funded in April 2022.
Funded By
Precision Capital
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