Project Description

Land – Austin, TX

  • Status: Performing
  • Position: First Lien
  • Loan Type: Cash-Out / Refi
  • Current Loan Balance: $794,469
  • Fully Committed Loan Amount: $2,400,000
  • Appraised Value: $5,269,222
  • Loan to Value Ratio: 45.5%
  • Current Interest Rate: 9.65%
  • Interest Rate Index: WSJP + 6.40%
  • Interest Rate Floor: 9.65%
  • Origination Date: July 30, 2020
  • Maturity Date: August 1, 2021
  • Term: 12 months
  • % of Portfolio: 1.0%

This property is being developed into a multifamily property by the principals on the 5916 N Lamar loan. Currently it’s undeveloped and funds advanced on this loan will be used to invest in the N. Lamar property and for soft costs associated with the development of the property