Lender Link

FUNDED DEAL: i Fund Cities, an alternative lending platform, funded a $4,420,000 senior lien position ground-up construction loan for 13 townhomes in Charlotte, NC. We funded 65% of the $2,210,000 land purchase price, while the Borrower contributed 35% cash to the purchase at closing, and we funded 100% of the $2,990,000 construction budget. The completed value was estimated at $6,500,000 so our loan-to-completed value was 68%. This local new construction Borrower was limited on the land acquisitions they were able to complete because of the volume limits put on them by other lenders. We advanced the builder 70% loan-to-value (LTV) on the acquisition, which drastically decreased their cash to close in relation to other lenders they were working with. This help allowed them to acquire 13 townhouse lots for acquisition and vertical build in a desirable, up-and-coming neighborhood, currently prime for real estate development. The Borrower plans to sell the property as an exit strategy. The loan term was set at 12 months. This ground-up construction loan was funded in May 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/211180 Dealmaker: Erik Eichinger Loan Officer #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: RCN Capital, a national direct private lender, funded a $592,800 1st lien position long-term rental loan for the acquisition of 5 duplexes in Petersburg, VA. We financed 80% of the $741,000 purchase price, while the Borrower contributed 20% cash at closing. Based on the total as-is appraised value, the loan-to-value ratio was 74%. This is a 30-year blanket purchase loan. The Borrower, with excellent credit and sufficient assets, accepted a 3-year prepayment penalty. All 10 units were rented, and the debt service coverage ratio was 1.50. The interest rate was fixed at 7.965% with amortized payment and we charged a 1% origination point. Homeowners insurance was provided for all properties. The properties were in good condition and the total size is approximately 9,488 square feet. This DSCR rental purchase loan was funded in June 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/210620 Dealmaker: Jonathan Gras, Team Loan Officer #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: Rok Lending, a direct lender, funded a $8,200,000 senior lien position bridge loan for the acquisition of a rental portfolio consisting of 20 townhouse condominium units in Passaic, Bergen County, NJ. We funded 71% of the $11,230,000 purchase price, while the Borrower contributed 29% cash to the purchase at closing. Additionally, we provided $200,000 for a renovation budget which is estimated to add an extra $500,000 or so to the total portfolio value. The total size of all the units is approximately 17,000 square feet. All units were vacant at closing. The Borrower had excellent credit. They plan to lease the townhomes and refinance into a long-term rental loan as an exit strategy. The interest rate was 11.25% and we charged 1.5% origination points. The loan term was set at 12 months. This bridge loan was funded in January 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/210478 Dealmaker: Avi Zukerman, Director of Originations #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: RCN Capital, a national direct private lender, funded a $400,000 1st lien position refinance loan secured by a 3-family residential property in Bridgeport, CT. The property value was appraised at $500,000 so our loan-to-value was 80%. We paid off a previous loan balance of $395,000. The subject property was acquired for $360,000 in September 2023 and underwent $20,000 in renovations to bring it to its current condition. It is now in good condition and all 3 units are leased, generating a monthly income of $5,200 which exceeds the market rent of $4,750 per month. This resulted in a 1.27 debt service coverage ratio. The building size is approximately 3,127 square feet. The Borrower had excellent credit. The loan term is 30 years with amortized payments and a 5-year prepayment penalty. The interest rate was fixed at 8.4% and we charged 1% origination points. This DSCR rental refinance loan was funded in May 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/210468 Dealmaker: Stanley Zancho, Senior Loan Officer #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: Center Street Lending, a direct lender for residential real estate investors, funded a $3,800,000 1st lien position ground-up construction loan for a 2-unit condominium property in the Corona Del Mar neighborhood of Newport Beach, Orange County, CA. We paid off a previous loan balance of $2,200,000 and funded 100% of the $1,650,000 construction budget. There was an existing home on the lot which needed to be demolished. The completed value was estimated to be $6,575,000 so our loan-to-value based on the project completion was 57%. The property will be approximately 2,924 square feet set in a 3,540-square-foot lot. The Borrower plans to sell the 2 condo units as an exit strategy upon completion of the project. The loan term was set at 18 months. This ground-up construction loan was funded in June 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/210362 Dealmaker: Joe Claffey, Loan Origination Manager #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: Myers Capital Hawaii, LLC, a mortgage banking company and direct private lender, funded a $322,000 1st lien position equity cash-out bridge loan for residential land in Kealakekua on Hawaii Island. The property value was estimated at $460,000 so our loan-to-value was 70%. The Borrower used the funds to pay off the seller financing that was initially used to acquire the land. They will use the remaining cash-out funds as working capital and combine it with their own funds to build a spec home on the land, which will be sold for a profit. Our loan will be paid off upon the sale of the home. The Borrower is a general contractor with excellent credit. The loan’s interest rate was set at 13%. The loan term was set at 12 months. This bridge loan was funded in May 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/210094 Dealmaker: Reed Kawai Myers, Principal #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: RCN Capital, a national direct private lender, funded a $750,000 1st lien position fix and flip loan for a detached single-family home in Spring, TX. We funded 78% of the $840,000 purchase price, while the Borrower contributed 22% cash to the purchase at closing. The total rehab budget was $120,000. The Borrower funded the first $30,000 and we funded the remaining $90,000 in multiple draws. The estimated after-repair value is $1,000,000 resulting in a 75% loan-to-ARV. The interest rate was 10.99% and we charged 1.5 origination points. The Borrower had excellent credit, significant assets, and a track record with over 10 completed house flips. They plan to sell the renovated property as an exit strategy. The loan term was set at 12 months. This SFR fix and flip loan was funded in April 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/208463 Dealmaker: Christopher Cardenas, MBA, Loan Officer #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: Myers Capital Hawaii, LLC, a mortgage banking company and direct private lender, funded a $186,000 1st lien position equity cash-out loan secured by free-and-clear land in Waikoloa, on Hawaii Island. The property value was estimated at $315,000 so our loan-to-value was 59%. The Borrower, a developer and builder, plans to use the funds for working capital to build a spec home on the property, which will later be sold for a profit. To exit the loan, they intend to use the proceeds from the sale of the spec home to pay off our short-term loan. The Borrower had average credit, which was acceptable to us. The loan term was set at 12 months. This equity cash-out hard money loan was funded in May 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/209882 Dealmaker: Reed Kawai Myers, Principal #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: Secured Capital Lending, a direct private lender, funded a $1,000,000 1st lien bridge loan for the acquisition of a multifamily development site in Van Nuys, Los Angeles County, CA. We funded 35% of the $2,900,000 purchase price, while the Borrower contributed 65% cash at closing. The Borrower is a seasoned developer and owner of a construction company for more than 25 years. He located a unique opportunity to acquire a 13,700-square-foot lot that is slated to have a 33-unit multifamily building. The land came with approved plans and ready-to-use (RTI) permits. The seller needed a fast close, so the Borrower decided to secure the lot with a quick bridge loan. This allowed him to prepare his team for the construction phase without rushing to find the right construction lender. We were able to quickly underwrite and get comfortable with the deal. Since the lot was fully entitled, this further reduced the investment’s risk level. This is a repeat Borrower of ours, and we were already comfortable with his experience and track record. No appraisal was needed since the property is local to us. We consulted with several elite commercial brokers in the area, including Marcus and Millichap, to get second opinions on value. It was a win-win for all parties involved. The Borrower had excellent credit. They plan to refinance into a construction loan. The interest rate was 11.5%, and the loan term was set at 12 months. This CRE bridge loan was funded in May 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/207549 Dealmaker: Sam Chivitchian, CEO/Fund Manager #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders

FUNDED DEAL: Cityscape Finance, a direct private lending firm, funded a $2,700,000 1st lien position hard money loan for a large single-family home in Woodside, CA. The Borrower is an experienced investor, leveraging their expertise to maximize the property’s value post-renovation. He needed some funds to renovate the home before putting it on the market for sale. The advance at closing was $1,500,000 with a renovation budget of $1,000,000. It was built in 1934 and spans 8,470 square feet. Woodside is one of the wealthiest and highest-priced cities in Silicon Valley, with many large homes on large lots. The after-repair value was estimated at $23,000,000, so our loan is only 10.87% loan-to-value based on the ARV. The loan carries an interest rate of 11.25%. The loan term was set at 12 months. This hard money loan was funded in June 2024. Visit this page on Private Lender Link to learn more about the deal and the lender: https://pllk.io/209606 #privatelending #privatemoney #privatelenders #privatemortgage #hardmoney #hardmoneylenders #hardmoneylending #bridgelending #bridgelenders