Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/17/2023
Property Type
Property City
Jupiter
Property State
FL
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$600,000
Loan-to-Purchase Price
50%
Borrower's Contribution to Purchase
50%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Good
Number of Units
1
Building Square Footage
1,436
Lot Square Footage
104,544
Lot Acreage
2.5
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Interest Rate
12%
Origination Points
3%
Deal Summary
Hard Money Loan Solutions, a private hard money lender based in Florida, funded a $300,000 1st lien position long-term rental loan for the acquisition of a single-family residence in suburban Jupiter, FL. We funded 50% of the $600,000 purchase price, while the Borrower contributed 50% cash at closing. The bank dropped the ball a few days before closing and we came in and funded the loan five days after we received the phone call. We did not charge the Borrower any junk fees. We did not require tax returns or income verification. The subject property was in good condition. It was approximately 1,436 square feet set in a 2.5-acre lot. The Borrower plans to continue leasing the property long-term and eventually refinance as an exit strategy. The interest rate was 12% and we charged 3% origination points. The loan term was set at 24 months. This SFR long-term rental loan was funded in January 2023.
Funded By
Hard Money Loan Solutions, Inc.
Fast Funding For All Types of Real Estate in Florida