Project Description
Single-Family Investment Properties – Austin, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition / Rehab
- Current Loan Balance: $1,785,433
- Fully Committed Loan Amount: $2,211,250
- Appraised Value: $2,950,000
- Loan to Value Ratio: 75.0%
- Current Interest Rate: 9.99%
- Interest Rate Index: WSJP + 6.74%
- Interest Rate Floor: 9.99%
- Origination Date: June 24, 2020
- Maturity Date: July 1, 2021
- Term: 12 months
- % of Portfolio: 2.3%
2201 Woodmont is a 4,166 square-foot 4 bedroom/4 bath residence located in Austin, Texas. The borrower purchased the property for $1,835,000 and is planning to do $495,000 in renovations, which is projected to add significant value to the property. Construction permits have been issued and the renovation is fully underway.
