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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
03/04/2016
Property Type
Property City
Washington
Property State
DC
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$815,000
Loan-to-Value
69%
Renovation Budget
$850,000
After-Repair Value
$2,400,000
Property Neighborhood
Bloomingdale
Number of Units
4
Building Square Footage
5,000
Deal Summary
Great Jones Capital, a private lender based in Washington DC, funded a $1,665,000 1st lien position private money loan for the purchase and renovation of a residential property project in the Bloomingdale neighborhood of Washington DC. The purchase price was $815,000 and the construction/rehab costs were estimated at $850,000. The subject property is a 5,000-square-foot single-family home. The project Sponsor plans to convert the home into 2 condo units and sell upon completion within 2 years. The estimated ARV (after-repair value) is $2,400,000 which makes the loan-to-value 69%. Although we provided 100% of the costs for this project, the Borrower used equity in another property as collateral. The cross-collateralized property is a 4-unit multifamily property in DC’s Trinidad neighborhood. This hard money loan was funded in March 2016.
Funded By
Great Jones Capital
Based in Washington DC, Specialize in Financing to DMV Area Developers