|DATE OF FUNDING||06/30/2014|
|GROSS LOAN AMOUNT||$200,000|
|LOAN TO VALUE||36.2%|
|NET NOTE RATE||7.50%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$200,000 FOR THE PURCHASE & REFINANCE
OF AN INVESTMENT RESIDENTIAL CONDOMINIUM IN CAMBRIDGE, MA
The borrower originally purchased 2 Investor rental units in the same building for $920,000. The borrower sought a $495,000 loan to complete the purchase transactions and the remodeling costs for both units. The borrower has since sold one of the units, and the current loan balance is $200,000.
The building itself is a 6 unit Residential Condominium building built in 1920, located in Cambridge, MA. Cambridge is just north of Boston and is situated near MIT and Harvard. Similar units rent in this area for $2,500 a month. The remaining condominium unit is 1079 sf located on the ground floor, with 3 bedrooms, 2 baths and also includes a 755 sf basement to be finished as additional rental space.