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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/06/2023
Property Type
Property City
Miami
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$395,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Property Neighborhood
Brickell
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Borrower Credit Rating
Average
Interest Rate
10.99%
Origination Points
2%
Deal Summary
Capital Funding Financial, a direct lender, funded a $256,000 1st lien position hard money loan for the acquisition of a condominium in the Brickell neighborhood of Miami. We funded 65% of the $395,000 purchase price, while the Borrower contributed 35% cash at closing. The Borrower needed to close the loan in just 7 days which we were able to accomplish. The subject property was in good condition (recently renovated) and vacant at closing. The Borrower is an experienced real estate investor who plans on renting the condo out to maximize the cash flow and will refinance into a long-term loan. They had average credit. The interest rate was 10.99%, and we charged 2% origination points. 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