2023CO535x
Note ID
Description
This is a second position loan on a new development in Cherry Creek neighborhood of Denver, CO. The borrower is using these proceeds to pay for construction costs which will be reimbursed from the first position loan originated by Aloha Capital. The first and second position loan will be collateralized by a two townhome property being built along with a personal guarantee from a sponsor with significant wealth and a profitable, thriving development business.
Address
Address: 535 & 537 Josephine St, Denver, CO 80206
- Country: United States
- Province / State: Colorado
- Postal code / ZIP: 80206
- Note ID 2023CO535x
- Price Note Size: $150,000
- Property Type Townhouse
- Property status <$50K Remaining
- Label Subordinated Note
- Note Type Infill Development
- Participation - Annual Yield (%) 15.0%
- Loan Maturity Date (MM/DD/YY) 09/29/2024
- Property Current Value ($) 1,175,000.00
- Property Construction Budget ($) 1,251,717.00
- Property After Repair Value ($) 4,640,000.00
- Loan to After Repair Value (%) 49.67% (Including 1st+2nd)