Palm Beach Purchase
This is a purchase only opportunity for a Single Family Residential property in Florida. The subject property address is 1101 Grand Bahama Lane, Singer Island, Florida.
The borrower was given a loan of $1,921,000 in order to purchase the underlying property and is putting approximately $1,000,000 as a downpayment. The property was purchased for a total of $2,685,000 in July of 2015, and there is no renovation needed for the property. The borrower received $1,700,085 at closing to purchase the property. Included in the total loan amount is $124,865 of interest reserves held by Patch of Land to cover the last 6 months of the loan. This property is being purchased as a vacation rental. The borrower plans to refinance in one year or under.
1101 Grand Bahama Lane
- Appraised As-Is Value: $2,900,000
- Purchase Price: $2,685,000
- BPO As-Is Value: $2,600,000
A third party appraisal shows an As-Is Value of $2,900,000 for 1101 Grand Bahama Lane. A 3rd Party Appraisal shows an appraised LTV ratio of 66.24%. Our research shows the residential market surrounding the underlying property in this area of Singer Island is strong for high-end homes.
1101 Grand Bahama Lane was built in 2007, located in the affluent neighborhood of Singer Island, Florida. The property has 11 rooms including 5 bedrooms and 5 bathrooms, with a gross living area of 6,324 sq. ft. on a 11,500 sq. ft. lot. The property is near local parks, schools, restaurants, and hotels. The property is on an island and on the waterfront.