Closed investments
$ 391,000
$ 391,000
Summary
- About this property: The borrower purchased an industrial park consisting of of a 32,060 sq. ft. warehouse and office building, a 22,080 sq. ft. warehouse, an 11,200 sq. ft. warehouse, a 2,400 sq. ft. warehouse and a 9,588 sq. ft. warehouse that includes a service garage located at 46 Apel Place, Manchester, CT for approximately $350,000.00. The borrower will the renovate the property for $165,000.00. The appraised 'as is' market value of the property is $2,250,000.00. The appraised market value of the property after renovations are complete is $2,425,000.00. York Funding will lend him $750,000.00 of which $443,689.95 will be disbursed for the refinance of the property, $141,310.05 will be disbursed for property taxes and $165,000.00 will be disbursed for renovations. 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: 2%
- Net Investor Rate: 9%
Investment Overview
- Originator: York Funding LLC
- Lien Type: First Mortgage
- Repayment Type: Interest only
- Origination Date: 07/22/19
- Maturity Date: 07/22/20
Investment Purpose & Strategy
- Loan Purpose: Renovation and Refinance
- Loan Strategy: Refinance
- Property Purchase Price: $ 585,000
- Rehab Budget: $ 165,000
LTV Details
- Market Value: $ 2,425,000
- Loan to Value: 31%
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Description
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This style property is located in Manchester is currently Closed investments and has been listed on York Funding LLC. This property is listed at $ 391,000. It has bedrooms, bathrooms, and is . The property was built in year.