|DATE OF FUNDING||2-14-20|
|GROSS LOAN AMOUNT||$750,000|
|LOAN TO VALUE||As Is 53% As Stabilized 47%|
|NET NOTE RATE||9.95%|
|TERM OF INVESTMENT||24 Months|
$750,000 FOR THE REFINANCE AND IMPROVEMENT OF A MULTI-FAMILY RESIDENCE IN JACKSONVILLE, FL
The borrower sought $750,000 for the refinance and improvement of a 19 unit multi-family property located in Jacksonville, FL. The subject property is valued at $1,300,000 AS Is and $1,600,000 stabilized. The borrower is giving the property a value add face-lift with moderate interior upgrades totaling $120,000. The improvements will allow increased rents and bring one down unit back on line. The occupancy at closing was 90% and with improvements should reach close to 100% after the renovation is completed over the next few months. The property is 17,784 square feet on 1.06 acres with 19 units. The borrower’s exit strategy is to secure conventional bank financing within the next 24 months.