Updated Oct 28, 2024
EMCAP Lending Provides $665K Construction Loan For Eastham, MA Single Family Home
163 Samoset Road, Eastham, Massachusetts 02642, United States
$665,000
$221/SF
Building Size
3,000 SF
Asset Type
Single Family Residence
Closing
Apr 27, 2022
About this deal
AI
The property involved in this transaction is a single-family home located at 163 Samoset Rd, Eastham, MA. The home has a square footage of 3,000 and is owned by the landlord, Windmill Park.
Summary of transaction details:
- Property Type: Single Family Home
- Transaction Amount: $665,000
- Market: Eastham, MA
The lender in this deal is Bryan Joyce from EMCAP Lending. The loan amount provided was $665,000, and it is a construction loan. The loan terms include 11% interest-only payments, 2 points, and a 12-month duration. It's noteworthy that EMCAP's loan recapped existing debt and will be used to fund the remaining construction of the single-family home in Eastham, MA. The loan was approved within 48 hours and funded shortly after. Notably, there was no requirement for an appraisal, tax returns, or bank statements.
Players
Eastham 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
23.85%
Cash-on-Cash
-6.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93