Another 24 hour close!
Lone Oak Fund just funded another loan is less than 24 hours! A repeat borrower approached LOF needing to close a short sale acquisition extremely quickly. The Borrower plans on rehabbing the existing SFR and putting it back on the market for sale.
| Property Type | 2,082 square foot SFR on a 17,000 square foot lot |
| Purchase Price | $850,000 |
| Loan Amount | $552,000 |
| Loan to Cost | 65% |
| Term | 12 months |
| Rate | 8.60% interest only for months 1-6 and 8.70% interest only for months 7-12 |
| Origination Fee | 2.0 points |
| Prepayment Penalty | None |
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