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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
02/16/2024
Property Type
Property City
Twin Falls
Property State
ID
Loan Term (months)
12
Payment Type
Interest Only
Property Value
$135,000
Previous Loan Balance
$124,036
After-Repair Value
$800,000
Loan-to-After-Repair Value
64.75%
Construction Budget
$475,000
Construction Budget Funded
92%
Loan-to-Completed Value
84.92%
Property Condition
Brand New Build
Exit Strategy
Sale
Interest Rate
11.99%
Deal Summary
Park Place Finance, a direct private real estate lender, funded a ground-up construction loan of $518,000 in Twin Falls, Idaho. We funded 84% loan-to-cost and 92% of the $475,000 construction budget. The after-repair value is estimated at $800,000, so our loan-to-after-repair value was 64.75%. We paid off a previous loan balance of $124,036. The Borrower is an experienced home builder in the Idaho market, and was seeking additional funds to expand their inventory. Although Twin Falls is not in a major metropolitan area, the builder had a strong track record of successfully completed projects in the area. The property will be sold upon completion. The interest rate was 11.99%. The loan terms were our standard 12-month term loan with interest-only payments and no prepayment penalty. This SFR ground-up construction loan was funded in February 2024.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors