This is a prefunded purchase & rehab opportunity for two Multi-Family Residential properties in California. The subject property addresses are 4313 Howard Ave, Sacramento, California and 3325 Belden St, Sacramento, California.
The developer is requesting a loan of $300,000 in order to purchase and renovate all underlying properties. The properties were purchased for a total of $330,000 in August of 2015. There is minor renovation needed for all underlying properties, totaling $45,000. The borrower will receive 3 draw(s) totaling $300,000 over the course of the loan. The initial draw in the amount of $255,000 occurs at closing of the loan. The second draw of $20,000 will be disbursed when half of the renovation is completeed. The third draw of $25,000 will be disbursed when the renovation is completed. The borrower plans to refinance in one year or under.
4313 Howard Ave
3325 Belden St
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $253,000 for 4313 Howard Ave and an ARV of $176,500 for 3325 Belden St for a combined ARV of $429,500. The ARV ratio is 69.85% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding all underlying properties in this area of Sacramento is stable and supply and demand are in balance, and the commercial market surrounding all underlying properties in this area of Sacramento is stable and supply and demand are in balance.
4313 Howard Ave was built in 1922, located in the suburban neighborhood of Sacramento, California. The property has 12 rooms including 6 bedrooms and 3 bathrooms, with a gross living area of 2,300 sq. ft. on a 3,923 sq. ft. lot. The property will remain 2,300 sq. ft. after renovations. The property is near NA.
3325 Belden St was built in 1928, located in the suburban neighborhood of Sacramento, California. The property has 7 rooms including 3 bedrooms and 2 bathrooms, with a gross living area of 1,408 sq. ft. on a 5,227 sq. ft. lot. The property will remain 1,408 sq. ft. after renovations. The property is near Public amenities, recreation, shopping centers, and employment.
4313 Howard Ave
Property renovations are awaiting loan to start renovation and there is minor renovation needed for the property. The following renovations are planned to be completed:
3325 Belden St
Property renovations are awaiting loan to start renovation and there is minor renovation needed for the property. The following renovations are planned to be completed: