LAS VEGAS, NEVADA, UNITED STATES, March 2, 2021 /EINPresswire.com/ – Las Vegas, Nevada: CapSource, Inc. (“CSI”) is pleased to announce that another loan arranged by CSI has been repaid in full by the borrower. On September 9, 2020, the borrower, 110 Westminster, LLC, repaid its loan, initially arranged by CSI in July 2016. Investors received annualized returns, as agreed, over the term of the loan.
The loan, initially in the amount of $ 240,000, was secured by a 2,700 square foot single-family home with five bedrooms and two bathrooms.
According to a broker’s opinion on the price (“BPO”) of R&R Realty, this home was valued at $ 315,772 at the time the loan was made. The loan was also personally guaranteed by Andy and Candis Meredith, of Orem, UT.
The borrowers specialize in the rehabilitation of old houses. Over the past 13 years, they have successfully bought, rehabilitated and sold numerous homes and residential projects. Their projects have been featured on HGTV’s Old Home Love and the DIY Network.
CapSource, Inc. is a private Las Vegas-based mortgage brokerage firm licensed by the Nevada Mortgage Division (Nevada Mortgage License # 1223, NMLS License # 364788). CapSource was initially established in 1997 and has generated over $ 700 million in private sector funded loans. CapSource currently manages approximately $ 30 million in outstanding loans.
The loan was given to borrowers to rehabilitate and refinance the property and include it in the borrower’s Old Home Love portfolio.
The prime location of this property within rapidly growing Lehi Utah makes it very appealing to a large demographic moving to the area. Here, one is sure to enjoy quaint suburban life in an iconic home while staying within city limits with direct access to I-15.
An average household income of $ 72,894 in Lehi, combined with tech jobs, a thriving downtown life and local universities, as well as tax incentives, undoubtedly contribute to the 8-10 annual growth rate. %.
The borrowers specialize in the rehabilitation of old houses. Over the past 13 years, they have undertaken hundreds of projects with remarkable success. Their success is fully measured by their ability to regularly sell rehabilitated homes at 20% more than their base price.
Their experience, combined with the growing demand for rental properties, made them an investment property for which we were happy to provide financing.
According to R&R Realty’s BPO, this home was valued at $ 315,772 at the time the loan was made against a loan of $ 240,000, resulting in a loan-to-value ratio of 76%. The term of this loan was initially nine months, with extensions, if necessary, to give the borrower sufficient time to complete their rehabilitation and sell or refinance the property.
The loan has now been repaid in full with interest paid as agreed. The borrower was able to cover the monthly interest payments over the life of the loan and implement an orderly exit strategy, paying off the loan in full.
write us here