Bridge – Louden, TN (Subordinate)

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Note Size: $100,000
<$100K Remaining

2023TN125-30R

Note ID

2,444 SqFt

Size

4

Bedrooms

3

Bathrooms

Description

This is a short-term bridge loan on a recently remodeled home on a private cul de sac in the heart of Tellico Village with lake views. The borrower is currently short-term renting the property and has it listed at $600K and is pending sale to another investor.

https://www.redfin.com/TN/Loudon/125-Chanusi-Way-37774/home/87152705

This is a subordinate tranche of $100,000.00 of the $526,000 loan. With a listing price of 600K (substantially lower than the $702,000.00 appraised value), this subordinate tranche includes 71% through 87.6% Loan to List price. The loan does have a personal guarantee from two guarantors that own additional investment properties.

Address

Address: 125 Chanusi Way, Loudon, TN
  • Country: United States
  • Province / State: Tennessee
  • Postal code / ZIP: 37774
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  • Note ID 2023TN125-30R
  • Price Note Size: $100,000
  • Property Type Single Family
  • Property status <$100K Remaining
  • Bedrooms 4
  • Bathrooms 3
  • Year Built 1996, 2006 reno
  • Size 2,444 SqFt
  • Land area 16,988 SqFt
  • Label Partial Note, Subordinated Note
  • Note Type Transactional Bridge
  • Whole Note - Annual Yield (%) 11%
  • Participation - Annual Yield (%) 11.0%
  • Loan Maturity Date (MM/DD/YY) 09/01/2024
  • Property Current Value ($) $526500
  • Loan to Current Value (%) 75%
  • Loan to After Repair Value (%) 75%

Supporting Documents

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Sponsor & Guarantor

Julie H.

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