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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
07/03/2024
Property Type
Property City
Houston
Property State
TX
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$4,475,000
Previous Loan Balance
$1,700,000
Loan-to-Value
60%
Property Neighborhood
Carlton Woods Creekside
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Building Square Footage
9,034
Borrower's Plan
Continue Occupancy
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
12.99%
Origination Points
2.5%
Broker Commission
$54,000
Deal Summary
Yieldi, a direct lender for investment properties nationwide, funded a $2,700,000 first-lien position hard money loan secured by a large single-family home in Spring, TX, north of Houston. The property was appraised at $4,475,000, resulting in a loan-to-value ratio of 60%. We paid off a previous loan balance of $1,700,000 and provided the borrower with $1,000,000 cash out which will be used for business/investment purposes. Built in 2015, the subject property spans approximately 9,034 square feet and features 5 bedrooms, 6 bathrooms, and a swimming pool. It is located in the Carlton Woods Creekside Community and enjoys expansive golf and water views of the 5th, 6th, 7th, and 8th holes of the Tom Fazio Championship Course. The Borrower had excellent credit and intends to pay off the loan over the 12-month term. The interest rate was 12.99%. We charged 2.5% origination points, and the broker earned a $54,000 commission. This hard money refinance was funded in July 2024.
Funded By
Yieldi LLC
Direct, Reliable Lender for Investment Properties