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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/12/2023
Property Type
Property City
West Palm Beach
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,750,000
Loan-to-Value
65%
Location Type
Urban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.99%
Origination Points
2.00%
Deal Summary
Capital Funding Financial, a direct lender based in Florida, funded a $1,800,000 1st lien position hard money loan secured by a renovated single-family home on Singer Island, near West Palm Beach, Florida. The home has a deep water dock with a boat lift and is valued at over $2,750,000. Our loan-to-value was 65%. The Borrower needed to close in 7 days to use the proceeds for another real estate investment purchase. We were able to close the loan in just 7 days. The Borrower had good credit. They intend to sell the property in the near future to pay off the loan. The subject property was in excellent condition and vacant at closing. The interest rate charged was 10.99% and we charged 2% origination points. There was no broker involved. The loan term was set at 12 months. This SFR hard money loan was funded in August 2023.
Funded By
Capital Funding Financial
Direct Lender for Investment Real Estate - 7 Day Closings - Low Rates