Project Description
Land – Austin, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition
- Current Loan Balance: $4,988,111
- Fully Committed Loan Amount: $5,000,000
- Appraised Value: $8,750,000
- Loan to Value Ratio: 57.1%
- Current Interest Rate: 9.75%
- Interest Rate Index: Fixed
- Interest Rate Floor: n/a
- Origination Date: September 18, 2019
- Maturity Date: April 1, 2021
- Term: 18 months
- % of Portfolio: 6.4%
This 1.77-acre property is located roughly two miles south of downtown Austin and four miles from The University of Texas at Austin, near retail, restaurants, and food trucks. This loan was paid off in full in Q1 2021.