|Lender Name||Property Types||Loan Types||Amount||Max. LTV||Rates|
|Kent R.||Commercial and Residential||Purchase, Refinance, Bridge Loan, Rehab, Construction||$500k - $3m||70%||7.99 - 10.99%|
|Brent T.||Commercial Only||Purchase, Refinance, Bridge Loans, Note Purchase||$1m - $15m||80%||9 - 12%|
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$1.55M hard money bridge loan for the purchase of a commercial property on Main Street in Downtown Park City, UT. The purchase price was $2,950,000, Kent's bridge loan is 52% loan-to-cost. The Borrower is a a seasoned commercial property and business owner who sought a well-located building for his film production and event hosting company, near the world renowned Sundance Film Festival. The Borrower turned to private money because time was of the essence; a terrific value was negotiated for an early close. He plans to refinance with a traditional commercial lender within 1 year. This private mortgage was funded in June 2014.
This 43 unit apartment building is located in a terrific location of Salt Lake City commonly known as the Sugar House neighborhood. After the death of a business partner, the borrower needed to reestablish some seasoning as sole owner; proir to traditional financing. The private lender structured the cash-out refi loan with some additional funds to take care of maintenance items, qualifying the property for the long term refinance. LTV 59%.