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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
06/06/2023
Property Type
Property City
DELRAY BEACH
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$300,000
Previous Loan Balance
$120,000
Loan-to-Value
60%
Location Type
Urban
Property Condition
Newly Renovated
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,100
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
2.5%
Deal Summary
Hard Money Loan Solutions, a direct Florida-based lender, funded a $185,000 1st lien position hard money loan secured by a condominium in Delray Beach, Florida. The property value was estimated at $300,000 so our loan-to-value was 61%. We paid off a previous loan balance of $120,000. The Borrower needed $70,000 in cash out to invest in another opportunity while waiting for the condo to sell. We successfully processed this loan request in just 8 days. The subject property was vacant at closing. It is approximately 1,100 square feet. The Borrower had good credit. They plan to exit our loan by selling the condo. The interest rate was 12% and we charged 2.5% origination points. The loan term was set at 12 months. This hard money refinance loan was funded in June 2023.
Funded By
Hard Money Loan Solutions, Inc.
Direct Private Hard Money Lender For All Types of Real Estate
Dealmakers
Jason Milliken
CEO