Updated Dec 4, 2023
Union Home Loan, Inc. Provides $795,000 Bridge Loan For Rehabilitation Of MultiFamily Property In Monterey
309 Lighthouse Ave Monterey, CA 93940, USA
$795,000
$147/SF
Building Size
5,396 SF
Asset Type
MultiFamily
Closing
Sep 8, 2023
About this deal
AI
The property involved in this transaction is a MultiFamily building located at 309 Lighthouse Avenue in Monterey. It consists of 11 units and has a total square footage of 5,396. The property is owned by Billie Elaine Pennisi.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $795,000
- Lender: Union Home Loan, Inc.
- Loan Type: Bridge Loan
- Loan Terms: 24 month term bridge loan for rehab
The lender in this transaction is Union Home Loan, Inc. They provided a bridge loan in the amount of $795,000. The loan has a term of 24 months and is intended for the purpose of rehabilitating the property.
The representative for the borrower in this deal is Jennifer Lopez from United Finance & Investments Inc.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
19.95%
Cash-on-Cash
-5.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93