Month: October 2015

2,200 SQ FT SFR – Purchase Loan

Property Location: Bridgeport, MI Property As-is Value: $64,000 Loan Amount: $45,000 Interest Rate: 12% Term: 12 Months Closed In: 2 Weeks Borrower brought $20,000 cash to the deal on this purchase. Borrower plans to fix and flip the property and sell it within 12 months.  

3,000 SQ FT Commercial Building – Purchase Loan

Location: Titusville, PA Property Combined Values: $356,000 Loan Amount: $155,000 Interest Rate: 12% Term: 24 Months Borrower pledged 3 free and clear properties towards the purchase of this commercial building. He hopes to make small renovations and turn it into a bar/restaurant.

1,800 SQ FT Single Family Residence – Purchase Loan

Property Location: Wilton, ME Property Value: $162,000 Loan Amount: $55,000 Interest Rate: 12% Term: 18 Months Closed In: 3 Weeks Borrower brought cash to closing to settle the HUD on this purchase of a fix-and-flip property, borrower is experienced with selling homes in this area and hopes to get it sold quickly.

981 SQ FT Single Family Home – Purchase Loan

Property Location: Bellwood, IL Property Value: $165,000 Loan Amount: $80,000 Interest Rate: 12% Term: 6 Months Closed In: 2 weeks Repeat Borrower  brought $39,000 to closing to put towards the purchase of this single family residence. Plans to flip the property and buy more rental properties once this one sells.

9,084 SQ FT Industrial Building Purchase

Property Location: Austell, GA Property Value: $330,000 Loan Amount: $160,000 Interest Rate: 12.5% Term: 24 Months Broker Commission: 3 Points Borrower brought cash to closing to settle the HUD on the purchase of this industrial commercial building and T&M’s loan funded the difference.