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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/12/2023
Property Type
Property City
Chesterfield
Property State
MO
Loan Term (months)
18
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$646,615
Loan-to-Purchase Price
72%
Borrower's Contribution to Purchase
0%
Renovation Budget
$250,000
After-Repair Value
$1,500,000
Loan-to-After-Repair Value
60%
Renovation Project Scope
Light Rehab
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
11.75%
Origination Points
2%
Deal Summary
Minnow Loan, a hard money lender based in Missouri, funded a $896,615 1st lien position purchase and rehab loan for multifamily property in Chesterfield, MO. We funded 72% of the $646,615 purchase price, while the Borrower contributed 30% cash at closing. The renovation budget was $250,000. The after-repair value was estimated at $1,500,000 so our loan-to-after-repair value was 60%. This loan was funded for a repeat Borrower on a multifamily property that needed some light rehab in order to re-tenant and achieve the maximum rental rates. We worked under a tight funding deadline and hit all of our dates for the investor so he could close this deal. He had good credit and plans to refinance into a permanent loan as an exit strategy. The interest rate was 11.75% and we charged 2% origination points. The loan term was set at 18 months. This hard money loan was funded in December 2023.
Funded By
Minnow Loan
Your Deal. Our Money.
Dealmakers
Shelby Reed
Co-Founder