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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/09/2023
Property Type
Property City
San Mateo
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,135,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
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 $964,750 1st lien position bridge loan for the acquisition of a single-family home in San Mateo, CA, situated midway between San Francisco and San Jose. We funded 85% of the $1,135,000 purchase price, while the Borrower contributed 15% cash at closing. They had good credit and will also finance the rehab themselves. The subject property was in good condition and vacant at closing. The Borrower’s investment plan is to renovate the existing home and put the property back on the market to sell. The Borrower will spend approximately $275,000 on the renovations. The after-repair value and sale price were estimated to be $1,800,000. So the loan-to-after-repair value should be approximately 54%. We charged a 9% interest rate and a 1% origination fee. The loan term was set at 12 months with no prepayment period or penalty. This SFR purchase bridge loan was funded in March 2023.
Funded By
Conventus
We Fund Fast While Providing Excellent Service and Competitive Pricing
Dealmakers
Lindsey Lawson
VP of Sales