Updated Dec 4, 2024
Onyx Funding Provides $1.33M Construction Loan For 308 Greymon Drive In West Palm Beach
308 Greymon Drive
$1,329,065
$545/SF
Building Size
2,436 SF
Asset Type
Single Family Residence
Closing
Oct 16, 2024
About this deal
AI
The asset is a single-family property located at 308 Greymon Drive in the West Palm Beach market. The property has a total square footage of 2,436. The loan amount for this transaction is $1,329,065, which pertains to a construction loan. The loan terms include a mid-construction refinance with a loan-to-value ratio of 75%, covering the existing payoff, the remaining construction budget, and eight months of interest reserves.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $1,329,065
- Lender: Onyx Funding
- Loan Type: Construction
- Loan Terms: Mid-Construction Refi - 75% LTV, cash neutral closing
- Address: 308 Greymon Drive
- Market: West Palm Beach
- Broksers: Daniel Taylor & Edith Gonzalez - Onyx Funding
Key individuals involved in the transaction include Daniel Taylor and Edith Gonzalez, both representing Onyx Funding in this loan agreement. Their roles as brokers facilitate the transaction, ensuring the details of the financing process are effectively managed.
On the Map
$1,329,065
$545/SF
Single Family Residence
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West Palm Beach Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
11.94%
Cash-on-Cash
-3.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93