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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/04/2016
Property Type
Property City
Washington
Property State
DC
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$500,000
Loan-to-Purchase Price
95%
Borrower's Contribution to Purchase
5%
Source of Borrower's Contribution
Cash
Loan-to-Value
70%
After-Repair Value
$700,000
Deal Summary
Adler Private Lending, a direct lender for DC and Northern Virginia, funded a $494,792 1st lien position hard money loan for a single-family home rehab project in Trinidad, Washington DC. The acquisition price was a little over $500,000. The Borrower put a small amount of cash toward the purchase, and Adler funded the remaining 95%. The house is in terrible condition and will require an extensive renovation. The property is structurally sound, but it needs to be completely gutted. Part of the remodel will include a new basement which will add more value. The estimated ARV (after-repair value) is $700,000 so the LTV (loan-to-value) for our hard money loan is 70%. It appeared that one in every three homes on the same street had been recently remodeled. This is the Borrower’s second project to be funded by Adler, and we expect to do more in the near future. This SFR hard money loan was funded in October 2016.
Funded By
Adler Private Lending
"Boots on the Ground" Direct Lender for DC and Northern Virginia only