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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/22/2023
Property Type
Property City
Austin
Property State
TX
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Property Value
$4,500,000
Previous Loan Balance
$1,800,000
Loan-to-Value
65%
Loan-to-After-Repair Value
60%
Renovation Project Scope
Light Rehab
Location Type
Urban
Property Condition
Brand New Build
Occupancy at Closing
Vacant
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, funded a $2,550,000 1st lien position hard money refinance loan secured by six newly constructed townhomes in Austin, Texas. The property value was estimated at $4,500,000 so our loan-to-value was 56%. We paid off a previous loan balance of $1,800,000 and provided the rest as cash out. The Developer was in need of cash to pay off his subcontractors and the existing construction lender while he sold the units. He needed to close the loan in just 7 days which we were able to accomplish for him. He will be finishing the punch list items remaining on the units and will sell them in the near future to pay the loan off. The Borrower had good credit. The interest rate was 10.99% and we charged 2% origination points. There was no broker involved. The loan term was set at 12 months. This hard money loan was funded in August 2023.
Funded By
Capital Funding Financial
Direct Lender for Investment Real Estate - 7 Day Closings - Low Rates
Dealmakers
David DiNatale
Managing Partner