Project Description
Multi-Family Residential – Austin, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition / Rehab
- Current Loan Balance: $794,495
- Fully Committed Loan Amount: $1,258,344
- Appraised Value: $1,875,000
- Loan to Value Ratio: 67.1%
- Current Interest Rate: 9.99%
- Interest Rate Index: Fixed
- Interest Rate Floor: n/a
- Origination Date: October 22, 2019
- Maturity Date: May 1, 2021
- Term: 18 months
- % of Portfolio: 1.0%
Sun & Sands Apartments is 16-unit apartment complex located in Dallas, Texas. The borrower will complete approximately $357,634 in renovations. The borrower is in the process of refinancing with a traditional lender, with a plan to payoff this loan by 5/1/2021.