Bridge
Posted 25d agoBridge loan on single family in Newark
$480,000
Location
Newark, NJ 07102
Target rate
12.61%
Term
18 mo
Property type
Single Family
Property & underwriting
- Occupancy
- Tenant occupied
- Units
- 1
- Lien position
- First lien
- As-is value
- $839,000
- LTV (as-is)
- 57.2%
- Purchase price
- $803,000
- After-repair value
- $1,082,000
- Loan-to-ARV
- 44.4%
- Rehab budget
- $122,000
- Existing liens
- $144,000
- Exit strategy
- Lease-up then refinance
- Borrower experience
- 6-15 deals completed
- Credit score range
- 650-699
- Borrowing entity
- Limited Partnership
- Funding timeline
- 30 days
- Additional collateral
- Single Family at Newark, NJ
Use of funds
Bridge to permanent financing
Deal summary
Cash-out for next acquisition on a single family in Newark, NJ. Borrower is seeking $480,000 at up to 12.61% for 18 months. Refinance into 30-yr DSCR.