Ground-Up Construction
Posted 4h agoGround-up construction, Indianapolis
$900,000
Location
Indianapolis, IN 46204
Target rate
12.88%
Term
2 yr
Property type
Retail
Property & underwriting
- Occupancy
- Vacant
- Units
- 12
- Lien position
- First lien
- As-is value
- $1,306,000
- LTV (as-is)
- 68.9%
- Purchase price
- $1,134,000
- After-repair value
- $1,735,000
- Loan-to-ARV
- 51.9%
- Rehab budget
- $118,000
- Existing liens
- $270,000
- Exit strategy
- Lease-up then refinance
- Borrower experience
- 2-5 deals completed
- Credit score range
- 750-799
- Borrowing entity
- LLC
- Funding timeline
- 45-60 days
- Additional collateral
- Retail at Indianapolis, IN
Use of funds
Bridge to permanent financing
Deal summary
Acquisition + rehab on a retail in Indianapolis, IN. Borrower is seeking $900,000 at up to 12.88% for 24 months. Lease-up then refinance.