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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
05/01/2024
Property Type
Property City
Woodburn
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Construction Budget
$300,000
Construction Budget Funded
100%
Builder's Contribution to Budget
50%
Completed Value
$1,300,000
Loan-to-Completed Value
23%
Construction Project Scope
Construction Completion
Location Type
Rural
Property Condition
Excellent
Number of Units
1
Building Square Footage
2,500
Lot Acreage
18
Borrower's Plan
Build and Hold
Exit Strategy
Refinance
Deal Summary
Blue-inc. Capital, a private lender based in Oregon, funded a $315,000 1st lien position private construction loan for a single family home in Woodburn, OR. The Borrowers had already started the project with their own funds and needed another $300,000 to complete it. We funded 100% of the budget and will release it in multiple draws. The completed value is estimated at $1,300,000 so our loan-to-completed value was 23%. Woodburn is a small city in Marion County, halfway between Portland and Salem. The home is approximately 2,500 square feet and sits on 18+ acres. Most lenders would not consider the large lot size, but we are very comfortable with rural areas in Oregon, especially with such a low loan-to-value. The Borrowers plan to occupy the home as their primary residence and will refinance into a conventional home loan. They needed a quick close to complete the build and Blue-inc Capital was able to fund this in less than 10 days. The loan term was set at 12 months. This private construction loan was funded in May 2024.
Funded By
Blue-inc. Capital
Oregon's private lending solution for over 30 years
Dealmakers
Jake Colter
Loan Originator
NMLS ID 2365400