Closed! $7.8MM Fix to Rent RI Hard Money Loan
Newport RI Fix to Rent RI Hard Money Loan CLOSED!
I’m highlighting this deal as a prime example of why investors choose us to fund their deals. This contiguous mix of Newport, RI real estate is actually a fix to rent play! Our 90% loan consisted of purchase and renovation financing for:
a) 7 unit mixed use building (6 resi & funeral home) that will be converted back to a single family home.
b) a carriage house that will be converted to a rentable standalone single family house
c) a two family that will be converted back to a single family with a detached garage with au pair suite above.
d) a buildable lot
The borrower will rent all the components separately to vacationers. The main house alone will rent for $100,000 a month between June and September. The aggregate rents will yield a double digit cash on cash return upon stabilization. We were able to value each component individually on an after repair value basis in order to support our loan.