|DATE OF FUNDING||12-15-2020|
|GROSS LOAN AMOUNT||$3,195,000|
|LOAN TO VALUE||66%|
|NET NOTE RATE||8.45%|
|TERM OF INVESTMENT||12 Months|
$3,195,000 FOR THE REFINANCE OF A MULTI-FAMILY PROPERTY IN BIRMINGHAM, AL
The borrower sought $3,195,000 for the refinance of an 8 building, 104 unit multi-family property located in Birmingham, AL. The subject property is valued at $4,850,000 AS IS Concluded Value. The borrower purchased the property in November of 2019 with low occupancy of 65% due to poor management. Improvements of $148,580 were made and aggressive hands on self-management have improved occupancy to 92% and a 1.33 DCR. The property is 90,106 square feet on 6.36 acres. The borrower’s exit strategy is to secure Agency financing within the next 12 months once he has met required seasoning.