|DATE OF FUNDING||4/22/14|
|GROSS LOAN AMOUNT||$142,800|
|LOAN TO VALUE||66.8%|
|LOAN TO COST||68.0%|
|NET NOTE RATE||7.95%|
|TERM OF INVESTMENT||24 Months with 2 – 6 mos. extensions|
$142,800 FOR THE PURCHASE OF A SINGLE FAMILY RESIDENCE IN EUGENE, OR
The subject property is a single family residence located at 150 Hoyt Avenue, Eugene, OR 97404 and is intended to be used as an income property for the owner. The property is comprised of a 1,804sf one story single family residence with attached 2 car garage in a conforming neighborhood.
The owner of the subject property was unable to qualify for a conforming loan due to a bankruptcy in 2010 even though she has restored her credit rating to 647 with no delinquencies or derogatory incidences since her bankruptcy. Additionally, the owner was able to demonstrate that she had over $503,000 in her investment portfolio and bank accounts and is personally guaranteeing the loan.
ABLP holds the $142,800 senior position loan at a 66.8% LTV with a 3 month prepaid default interest reserve. The borrower contributed $62,000 for the purchase and renovations.
The owner is utilizing our loan to act as a bridge loan until she is able to refinance with a conforming loan prior to our term expiration.