Ground-up construction, Columbus

$2,400,000

Location

Columbus, OH 43215

Target rate

11.24%

Term

1 yr

Property type

Single Family

Property & underwriting

Occupancy: Owner occupied
Units: 1
Lien position: Second lien
As-is value: $3,350,000
LTV (as-is): 71.6%
Purchase price: $2,939,000
After-repair value: $4,135,000
Loan-to-ARV: 58.0%
Rehab budget: $309,000
Existing liens: $720,000
Exit strategy: Refinance with bank takeout
Borrower experience: First-time investor
Credit score range: 750-799
Borrowing entity: Limited Partnership
Funding timeline: 45-60 days
Additional collateral: Single Family at Columbus, OH

Use of funds

Cash-out for next acquisition

Deal summary

Bridge to permanent financing on a single family in Columbus, OH. Borrower is seeking $2,400,000 at up to 11.24% for 12 months. Lease-up then refinance.