Bridge Loan for Single-Family Home Purchase in Newport, Oregon

Blue-inc Capital, a private lender based in Oregon, funded a $400,000 1st lien position for the purchase of a single-family residence in Newport, OR. We funded 78.43% of the $510,000 purchase price, while the Borrower contributed 21.57% cash at closing. The Borrower is a repeat client of ours who has a lot of experience in real estate investing and construction. He was presented with an opportunity to acquire a distressed property that aligns perfectly with his fix-and-flip business model. He plans to renovate the property using his own funds. The home was listed as a “distressed” short sale at $595,000. The Borrower was able to purchase it for an aggressive price of $510,000, utilizing Blue-inc. Capital’s private money and ability to close in less than 7 business days. The subject property is approximately 2,200 square feet. The interest rate was 11.75%. The loan term was set at 12 months. This SFR bridge loan was funded in March 2024.