Loan Strategy:
Renovate & Refinance

Location:
7929 S Manistee Ave, Chicago, IL 60617, USA

11% 53% 12 mo.
Rate LTV Term

Summary

  • About this property: The borrower purchased a single family house located at located at 7929 South Manistee Avenue, Chicago, IL for $37,500.00. The borrower will renovate the property for $36,000.00. The appraised market value of the property after renovations are completed will be $140,000.00. York Funding lent the borrower $76,500.00 to purchase and renovate the property. The borrower will complete the renovations and sell or refinance the property to repay the loan.

Rate Detail

  • York Mortgage Rate: 11.0%
  • Management Fee: 1.5%
  • Net Investor Rate: 8.5%

Investment Overview

  • Originator: York Funding LLC
  • Lien Type: First Mortgage
  • Repayment Type: Interest Only
  • Origination Date: 08/16/19
  • Maturity Date: 08/16/20

Investment Purpose & Strategy

  • Loan Purpose: Renovation & Refinance
  • Loan Strategy: Refinance
  • Property Purchase Price: $ 37,500
  • Construction Budget: $ 36,000

LTV Details

  • Market Value: $ 140,000
  • Loan to Value: 53%

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Description

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2020-10-14T17:03:58-04:00