2023MI6696-GU
Note ID
2,393 SqFt
Size
3
Bedrooms
2.1
Bathrooms
Description
Aloha loan covers ~50% of the total project cost to build the home and the proceeds will be distributed based on work completed. The fully funded loan will be at ~ 36% of the appraised value of the completed home.
This project is a new build in a residential neighborhood just outside of Saugatuck, MI. This is a highly visited, tourist area near the shore of Lake Michigan. The home is being built with
CSIP (Concrete Structural-Steel Insulated-Inter-Locking Panels) which allow for quick construction of the exterior and interior shell and are fire proof, earthquake proof (9R), and resistant to pests, rot and mold.
The build time is significantly reduced and it is expected that the interior finish work will begin in October 2023 with a plan to list the home for sale in February 2024. A local real estate agent already has interest from several buy side clients they represent in the Chicago area.
Address
- Country: United States
- Province / State: Michigan
- Postal code / ZIP: 49408
- Note ID 2023MI6696-GU
- Price Note Size: $125,000
- Property Type Single Family
- Property status >$100K Remaining, New Note
- Bedrooms 3
- Bathrooms 2.1
- Year Built 2023
- Size 2,393 SqFt
- Land area 20,473 SqFt
- Label Partial Note
- Garages 2
- Note Type Infill Development
- Whole Note - Annual Yield (%) 11.0%
- Participation - Annual Yield (%) 10.5%
- Loan Maturity Date (MM/DD/YY) 08/30/24
- Property Current Value ($) 45,000
- Property Construction Budget ($) 501,767
- Property After Repair Value ($) 733,000
- Loan to Current Value (%) 0%
- Loan to After Repair Value (%) 36.53%
- Loan Exit - Est. Profit ($) 44%
- Loan Exit - Est. Profit (%) 44%
Sponsor & Guarantor
Alfred S.
Alfred is an experienced real estate investor and project manager for other developers. He is based out of Los Angeles with active projects in Michigan and Nevada.Similar Notes
This is a light renovation on a property by an experienced investor who has completed 5 similar sized projects.
Detached Duplex with 5 bedrooms and 2 bathrooms in the Clark-Fulton Neighborhood. The borrower typically purchases and rehabs properties in cash and is using purchase only financing on this property to be more efficient with his capital. Upon completion of rehab, the loan will be refinanced into a DSCR loan from Aloha Capital.
A quick rehab on a property that will cash flow as a rental property and provide profit if sold upon completion. This project is in a neighborhood our repeat client has successfully invested into over his investing career.
This loan is a second position loan behind the borrowers existing ~$950K loan with a bank at less than 3%. The purpose of the loan is to complete a light renovation including paint, carpet/flooring upgrades, lighting, landscape and other minor improvements along with staging to maximize the speed and price of sale. With the $150,000 […]