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.