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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
08/13/2023
Property Type
Property City
Atlanta
Property State
GA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,500,000
Previous Loan Balance
$1,300,000
Loan-to-Value
65%
Renovation Budget
$250,000
Renovation Budget Funded
100%
After-Repair Value
$3,250,000
Property Neighborhood
Buckhead / Paces Ferry
Location Type
Suburban
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, funded a $1,720,000 1st lien position bridge loan secured by a luxury single-family home in the suburb of Atlanta, Georgia called Paces Ferry / Buckhead. The property value was estimated at $2,500,000 so our loan-to-value was 68%. We paid off a previous loan balance of $1,300,000 and provided a construction reserve of $250,000 to the developer to complete the project which has an estimated after-repair value of over $3,250,000 upon completion. The developer was in need of cash to pay off his subcontractors along with the existing construction loan. Capital Funding closed the loan within 5 days from receipt of the valuation. The Borrower had good credit. They plan to sell the property as an exit strategy. The interest rate was 10.99% and there was a 2% origination fee charged. The referring broker was paid 1.5% on the transaction. The loan term was set at 12 months. This SFR construction 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