Bridge
Posted 7d agoBridge loan on triplex in Houston
$900,000
Location
Houston, TX 77002
Target rate
10.29%
Term
18 mo
Property type
Triplex
Property & underwriting
- Occupancy
- Owner occupied
- Units
- 1
- Lien position
- Second lien
- As-is value
- $1,555,000
- LTV (as-is)
- 57.9%
- Purchase price
- $1,527,000
- After-repair value
- $2,239,000
- Loan-to-ARV
- 40.2%
- Rehab budget
- $129,000
- Exit strategy
- Sell at completion
- Borrower experience
- 2-5 deals completed
- Credit score range
- 750-799
- Borrowing entity
- S-Corp
- Funding timeline
- 30 days
- Additional collateral
- Triplex at Houston, TX
Use of funds
Bridge to permanent financing
Deal summary
Bridge to permanent financing on a triplex in Houston, TX. Borrower is seeking $900,000 at up to 10.29% for 18 months. Refinance into 30-yr DSCR.