Project Description

Single-Family Investment Properties – Austin, TX

  • Status: Performing
  • Position: First Lien
  • Loan Type: Construction
  • Current Loan Balance: $856,079
  • Fully Committed Loan Amount: $1,100,000
  • Appraised Value: $1,850,000
  • Loan to Value Ratio: 59.5%
  • Current Interest Rate: 11.49%
  • Interest Rate Index: Fixed
  • Interest Rate Floor: n/a
  • Origination Date: September 20, 2019
  • Maturity Date: April 1, 2021
  • Term: 18 months
  • % of Portfolio: 1.1%

The Theresa Avenue property is a 0.139-acre lot located in the Clarksville neighborhood in West Downtown Austin. The borrower is in the process of building a new 2,014 square- foot main residence with an additional dwelling unit (“ADU”) that is 1,166 square feet. The property is currently on the market, and the loan was extended to 4/1/2021 to allow time for the sale of the property.