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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
04/20/2016
Property Type
Property City
Miami
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$166,000
Loan-to-Value
60%
Property Neighborhood
Miami Gardens
Occupancy at Closing
Tenant-Occupied
Borrower's Plan
Long-Term Rental
Exit Strategy
Conventional Loan
Deal Summary
Refresh Funding, a private lender, funded a $100,000 1st lien position private money secured by a single-family rental home in the Miami Gardens neighborhood of Miami, FL. The Borrower is an experienced real estate investor. He needed to cash out equity on this property to use for other investments. The property is tenant-occupied and has an estimated value of $166,000 so our private money loan is 60% LTV (loan-to-value). There was an existing mortgage on the property which we paid off and provided the additional cash to the Borrower in just 7 days. The Borrower plans to hold the property as a long-term investment. He plans to refinance with a conventional lender or use proceeds from other investments to pay off this 1st trust deed private money loan within 12 months. This private money refinance loan was funded in April 2016.
Funded By
