)
Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
06/06/2023
Property Type
Property City
Salem
Property State
OR
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$300,000
Loan-to-Value
50%
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Lot Acreage
.25
Borrower's Plan
Continue Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Deal Summary
Blue-inc Capital, a private lender based in Oregon, funded a $150,000 1st lien position equity cash-out loan secured by a commercial car lot in Salem, Oregon. Blue-inc was able to structure a loan for the Borrower using his free and clear car lot as collateral. We estimated the value of the lot to be around $300,000 which put our loan-to-value at a conservative 50%. We did not require an appraisal. We know the area quite well and did our own in-house valuation. The lot size is approximately 0.25 acres. The Borrower needed the cash-out fund to purchase more inventory for his business, unrelated to the car lot. They had good credit. The subject property was in good condition and tenant-occupied at the time of closing. The Borrower plans to continue leasing the property and will pay off the loan within the 36-month term. This private money equity cash-out loan was funded in June 2023.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years