Ground-up construction, Denver

$1,800,000

Location

Denver, CO 80202

Target rate

12.65%

Term

9 mo

Property type

Multifamily 5+

Property & underwriting

Occupancy: Owner occupied
Units: 12
Lien position: Second lien
As-is value: $2,762,000
LTV (as-is): 65.2%
Purchase price: $2,682,000
After-repair value: $3,597,000
Loan-to-ARV: 50.0%
Rehab budget: $269,000
Existing liens: $540,000
Exit strategy: Sell at completion
Borrower experience: 2-5 deals completed
Credit score range: 600-649
Borrowing entity: LLC
Funding timeline: 45-60 days
Additional collateral: Multifamily 5+ at Denver, CO

Use of funds

Acquisition + rehab

Deal summary

Cash-out for next acquisition on a multifamily 5+ in Denver, CO. Borrower is seeking $1,800,000 at up to 12.65% for 9 months. Refinance into 30-yr DSCR.