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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
03/31/2023
Property Type
Residential Land
Single Family Residence
Property City
Houston
Property State
TX
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,760,000
Loan-to-Purchase Price
45%
Location Type
Urban
Property Condition
Newly Renovated
Occupancy at Closing
Owner-Occupied
Building Square Footage
7,000
Lot Acreage
3.58
Borrower's Plan
Continue Occupancy
Exit Strategy
Conventional Loan
Deal Summary
Owemanco funded a $2,000,000 equity take-out term Loan which was utilized by the sponsor to satisfy a pending time of the essence investment obligation. The Loan is secured by an expansive 7,000 SF estate-style single-family dwelling situated on a 3.58-acre lot within an affluent pocket of Houston, Texas. The home offers a pool, spa, circular drive, tennis court, and a private office building.
Funded By
Ontario Wealth Management Corporation
Direct Lender for Commercial Real Estate Bridge Loans