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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
02/24/2023
Property Type
Property City
Decatur
Property State
GA
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$2,702,800
Loan-to-Value
56%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.10
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
9
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
7.37%
Origination Points
1%
Deal Summary
Conventus LLC, a direct private mortgage lender, funded a $1,498,725 1st lien position equity cash-out loan secured by a portfolio of 9 single-family homes in suburban Decatur, GA. The combined value of all 9 properties was estimated to be $2,702,800, so our loan-to-value for the entire portfolio was 56%. All 9 rental homes were owned free & clear prior to closing. The Borrower did not have any debt on them. All homes were rented and cash-flowing with a combined 1.10 debt service coverage ratio. The Borrower had excellent credit, and this was their 2nd portfolio loan with us. They plan to continue leasing the properties and hold them long-term. The homes were in good condition and tenant-occupied at closing. The interest rate was fixed at 7.375% with amortized payments. We charged a 1% origination point. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in February 2023.
Funded By
Conventus
We Fund Fast While Providing Excellent Service and Competitive Pricing
Dealmakers
Lindsey Lawson
VP of Sales