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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/06/2023
Property Type
Property City
Clearwater
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,449,876
Loan-to-Purchase Price
74%
Borrower's Contribution to Purchase
26%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Brand New Build
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Short-Term Rental
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.75%
Deal Summary
Capital Funding Financial, a direct lender, funded a $1,075,000 1st lien position hard money loan for the acquisition of a brand new condominium in Clearwater, Florida. We funded 74% of the $1,449,876 purchase price, while the Borrower contributed 26% cash at closing. The Borrower was in need of fast & flexible financing to maximize the loan-to-cost. She needed to close the loan in just 5 days from receipt of notice by the Developer’s receipt of the Certificate of Occupancy which we were able to accomplish for her. The property was vacant at closing. The Borrower is an experienced real estate investor who plans on selling the unit in the near future or utilizing it for short-term rental to maximize the cash flow. They had good credit. The interest rate was 10.75%. There was an experienced broker involved with whom we have funded 10+ loans. The loan term was set at 12 months. This hard money loan was funded in September 2023.
Funded By
Capital Funding Financial
Direct Lender for Investment Real Estate - 7 Day Closings - Low Rates
Dealmakers
David DiNatale
Managing Partner