$ 391,000

Loan Strategy:
Refinance

Location:
46 Apel Pl, Manchester, CT 06042, USA

11% 31% 12 mo.
Rate LTV Term

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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2020-10-14T17:00:44-04:00