$ 1,000,000

Loan Strategy:
Build & Sell

Location:
8818 Churchill Rd, North Bergen, NJ 07047, USA

10% 64% 12 mo.
Rate LTV Term

Summary

  • About this property: The borrower purchased an 8,275 sq. ft. lot located at 8818 Churchill Road, North Bergen, NJ for $1,700,000.00. The borrower started construction of four attached single-family townhouses for $1,801,882.00 and will complete the remaining construction for $2,950,000.00. The aggregate sales of the four townhouse will be approximately $7,800,000.00 when the construction is completed and the townhouses are sold. York Funding will lend the borrower $5,000,000.00, of which $2,500,000.00 will be disbursed at closing and $2,500,000.00 for construction escrow. The borrower will complete the construction and sell or refinance the units to repay the loan.

Rate Detail

  • York Mortgage Rate: 10%
  • Management Fee: 1.5%
  • Net Investor Rate: 8.5%

Investment Overview

  • Originator: York Funding LLC
  • Lien Type: Senior Secured First Mortgage

Investment Purpose & Strategy

  • Loan Purpose: Construction and Refinance
  • Loan Strategy: Build and Sell
  • Construction Budget: $ 2,064,256

LTV Details

  • Market Value: $ 7,800,000
  • Loan to Value: 64%

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Description

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2020-10-14T17:06:55-04:00