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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/19/2023
Property Type
Property City
Coos Bay
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$160,000
Loan-to-Purchase Price
100%
Location Type
Rural
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
1
Exit Strategy
Sale
Borrower Credit Rating
Average
Interest Rate
11.75%
Deal Summary
Blue-inc Capital, a private lender based in Oregon, funded a $160,000 1st lien position hard money loan for a single-family home in Coos Bay, Oregon, a small rural coastal town Southwest of Eugene. We funded 100% of the $160,000 purchase price. Instead of a cash down payment, the Borrower used a free-and-clear investment property as collateral to get the 100% financing. The Borrower was retired and had average credit. They plan to renovate the property with an approximate budget of $30,000 which they will fund themselves. They plan to sell upon completion of the light rehab. The property was in rough condition and vacant at closing. The interest rate was 11.75%. The loan term was set at 12 months. This hard money loan was funded in August 2023.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years