Single Family Residence Detached

Single Family Residence Detached

Deal Summary:  The borrower has owned several businesses in the Las Vegas valley, and rehabs investment properties as a side business.  He purchased this home in June 2014, has spent $30K in rehab expenses on the home, and currently has the home listed for sale.

Exit Strategy:   The home is currently for sale, and the loan will be paid in full when the property is sold.

Loan Information:

Property Type: Single Family Residence Detached
Subject Properties: Christina Dr, Boulder City, NV  89005
APN #: 186-09-419-012
House SF.: +/- 2145 sf
Lot Size: +/- 0.22 acre
Loan Amount: $ 100,000
Purchase Price: $ 212,434 ($ 99.04 per SF) purchased June 2014
Appraisal See comps below.
Loan Exposure (PSF): $ 46.62
Loan-to-value: 47%
Interest Rate: 12% interest only
Maturity: 12 months
Extension Provision: At lender’s discretion.
Collateral: First Deed of Trust on subject properties.
Comps: 1520 Christina Dr,  sold on 10/14/14 for $270,000 at $111.02/sf;1527 Sherri Lane, sold on 07/17/14 for $328,000 at $143.73/sf;

1518 Marita Dr, sold on 04/25/14 for $323,000 at $149.33/sf;

1530 Sherri Lane, sold on 04/22/14 for $$335,000 at $146.80/sf

Closing Costs: Paid by borrower
Guarantor:

 

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