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Aug 6, 2015 7:53 EST

Palm Beach Purchase: 1101 Grand Bahama Lane, Singer Island, Florida

iCrowdNewswire - Aug 6, 2015

Palm Beach Purchase

Investment Summary

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.

Property Overview

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.

Contact Information:

Realty Capital Ventures LLC

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