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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/01/2024
Property Type
Property City
Jefferson City
Property State
MO
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$150,000
Loan-to-Purchase Price
79%
Borrower's Contribution to Purchase
21%
Source of Borrower's Contribution
Cash
Property Value
$180,000
Loan-to-Value
65%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
1,328
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Average
Interest Rate
12.5%
Origination Points
3%
Deal Summary
Minnow Loan, a local Missouri direct private lender, funded a $117,790 1st lien position private money loan for a single-family home in Jefferson City, MO. We funded 79% of the $150,000 purchase price, while the Borrower contributed 21% cash to the purchase at closing. The 1,328-square-foot property had an estimated value of $180,000 as-is, putting us in a strong loan-to-value of 65%. Overall it was in good condition and was tenant-occupied at closing. It is approximately 1,328 square feet. The Borrower was an experienced real estate investor who had average credit, and this was their 2nd deal with us. They plan to continue leasing the property and eventually sell or refinance as an exit strategy in the next 12 months. The interest rate was 12.5% and we charged 3% origination points. The loan term was set at 12 months. This private money loan was funded in June 2024.
Funded By
Minnow Loan
Your Deal. Our Money.
Dealmakers
Shelby Reed
Co-Founder