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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
04/15/2016
Property Type
Single Family Residence
Property City
Washington
Property State
DC
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$700,000
Loan-to-Purchase Price
100%
Borrower's Contribution to Purchase
0%
Loan-to-Value
65%
Renovation Budget
$535,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,900,000
Deal Summary
Adler Private Lending, a direct lender for DC and Northern Virginia, funded a $1,235,000 1st lien position hard money loan for a condominium conversion in Petworth, Washington DC. The subject property is a single-family home and converted into multiple condo units. The purchase price was $700,000 and the rehab budget was $535,000. We funded 100% of the purchase and rehab costs. The after-repair-value was estimated at $1,900,000 so the loan-to-value was 65% upon completion. This hard money loan was funded in April 2016.
Funded By
Adler Private Lending
"Boots on the Ground" Direct Lender for DC and Northern Virginia only