DEBT INVESTMENT
902 E 10th Crt
Panama City Beach, FL
This Panama City Beach, FL property was brought to us to fund AFTER the investor had previously purchased the property, and finished over 60% of the construction. He was getting tight on his liquidity, so we refinanced him the equity he already had in the project. This was a fairly short-term loan only 6 months. However due to sub-contractor issues, the investor requested a 3 month extension, which we were happy to provide.
Sold: $250,000.00
3 Bds | 22 Ba | 1144 Sqft
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This loan was a purchase to a fairly new investor, who did not have any new construction experience, but had several fix & flips under their belt. They had bought the lot all cash, prepped the lot, pulled permits, poured foundation, framed and roughed in the house before coming to us for financing. This was originally a 6-month project, but due to delays with sub-contractors, the borrower requested a 3-month extension, but only kept the loan for 1 more month, paying us back in month 7. Our partners recieved monthly interest payments and were able to participate in the extension points.
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1st Pos. Loan Amt = $75,000
Min. Slice Amt = $750
Partner Rate = 8.25% APR
Monthly Int. = $515.63
Loan Term = 6 months
Extension Term = 3 months
Extension Pts = $1,125.00
Actual Term = 7 months
Annualized Yield = 10.82%
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