North Carolina Hard Money Deal - Active

680

6 deals

No

Tabor City

North Carolina

$238,000

$75,000

Deal Summary
**Goal:** Cross-collateralized bridge refinance to pay off existing hard money construction loan (no cash-in).
**Close timeline:** 30–45 days (60 days max).

## Borrower
- Experience: 100+ completed deals
- Credit score: ~680
- Ownership: LLC (seasoned ~2 years)

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## Property #1 — SFR (Primary)
**Address:** Tabor City, NC 28463
**Type:** Site-built SFR
**Condition:** Fully remodeled, rent-ready
**Estimated value:** $268,000
**Target rent:** $2,600/month (lease ready; tenant can be placed immediately)
**Current loan payoff:** $238,000 (hard money construction)

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## Property #2 — Retail (Additional Collateral)
**Location:** Tabor City, NC
**Type:** Retail
**Tenant:** Long-term tenant
**Rent:** $1,600/month
**Estimated value:** $190,000
**Debt:** $0 (free & clear)
**Known issues:** None

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## Loan Request
- **Requested loan amount:** $300,000 (to cover payoff + typical costs; no cash-in)
- **Term:** 24 - 36 months
- **Payments:** Interest-only preferred
- **Collateral:** 1st lien on SFR + 1st lien on retail (cross-collateral)

## Exit Strategy
- Refinance SFR into DSCR rental loan after tenant placement / stabilization (or payoff via refinance/sale as needed)

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## Must-Have Term (Collateral Release)
**Partial release of the retail collateral** upon one of the following:
1) Payoff/refinance of the bridge loan, **or**
2) Refinance of the SFR into DSCR that pays the bridge down to an agreed balance, **or**
3) Once bridge balance is reduced to **≤70% LTV on the SFR** based on a new appraisal.

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## Quick Quote Questions
1) Do you lend in **Columbus County / Tabor City, NC**?
2) Max **LTV/CLTV** for this structure?
3) Do you require **tenant in place**, or is lease-ready acceptable?
4) Total pricing: **rate, points, origination, underwriting, appraisal, legal, extension fees**
5) Estimated timeline from application → closing
6) Any seasoning requirements or LLC requirements