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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/11/2023
Property Type
Property City
Miami Beach
Property State
FL
Loan Term (months)
18
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$3,100,000
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Source of Borrower's Contribution
Cash
Renovation Budget
$240,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
Loan-to-After-Repair Value
59%
Renovation Project Scope
Light Rehab
Property Condition
Fair
Occupancy at Closing
Tenant-Occupied
Number of Units
16
Building Square Footage
7,226
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
9%
Origination Points
1%
Deal Summary
Conventus LLC, a direct private mortgage lender, funded a $2,130,000 1st lien position purchase and rehab loan for the acquisition of a 16-unit multifamily property in Miami Beach, FL. We funded 100% of the $240,000 renovation budget and 60% of the $3,100,000 purchase price, while the Borrower contributed 40% cash to the purchase at closing. The as-is valuation came in at $3,170,000 and the As-complete value was $3,640,000. Our loan-to-after-repair value was 59%. The investment plan is to give existing tenants a 60-day notice to vacate, lightly rehab the units, and upgrade the exterior. The units will be vacated in stages as they prefer to keep the property cash flowing during renovations. The subject property was in fair condition. It was approximately 7,226 square feet. The Borrower had good credit. They plan to sell the property upon completion of the rehab. The interest rate was 9% and we charged a 1% origination point. The loan term was set at 18 months with a 9-month prepay, interest only. This multifamily rehab loan was funded in April 2023.
Funded By
Conventus
We Fund Fast While Providing Excellent Service and Competitive Pricing
Dealmakers
Lindsey Lawson
VP of Sales