Ground-Up Construction
Posted 25d agoGround-up construction, Nashville
$480,000
Location
Nashville, TN 37203
Target rate
10.74%
Term
3 yr
Property type
Industrial
Property & underwriting
- Occupancy
- Owner occupied
- Units
- 8
- Lien position
- Second lien
- As-is value
- $863,000
- LTV (as-is)
- 55.6%
- Purchase price
- $786,000
- After-repair value
- $1,160,000
- Loan-to-ARV
- 41.4%
- Rehab budget
- $53,000
- Exit strategy
- Refinance into 30-yr DSCR
- Borrower experience
- First-time investor
- Credit score range
- 750-799
- Borrowing entity
- Limited Partnership
- Funding timeline
- 30 days
- Additional collateral
- Industrial at Nashville, TN
Use of funds
Refinance existing hard money
Deal summary
Cash-out for next acquisition on a industrial in Nashville, TN. Borrower is seeking $480,000 at up to 10.74% for 36 months. Sell after renovation.