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Connecticut Office
Offering short link
Raise Details
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Gross Offering$180,000 USD
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Available Units0.00
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Minimum Investment$52,000 USD
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Maximum Investment$180,000 USD
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Open DateJun 01,2021
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Closing DateJun 30,2021
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Investment TypeFirst Mortgage
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Maturity6 months
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Real Estate UseOffice
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Maturity End DateJan 14,2022
Type
| Type | Number of Units | Available Units | Cost per Unit | Payback Per Unit | Gross Offering | Annual Yield | Effective Yield | Term |
|---|---|---|---|---|---|---|---|---|
| First Mortgage | 3.00 | 0.00 | $52,000.00 USD | $60,000.00 USD | $180,000.00 USD | 15.50% | 17.88% | 6 months |
| Totals | 3.00 | 0.00 | $180,000.00 USD |
Executive Summary
Four Arrow Funding Inc. (the “Lender”) is providing a $180,000 15.4% first mortgage loan (the “Loan”) secured by the 8,500 SF office property of 280 Talcottvolle Road, Vernon CT (the “Property”) to an entity formed by Thomas Maira (the “Borrower”). The acquisition price of the Property is $300,000. The Borrower is investing $40,000 of capital improvements totaling $190,000 of cash equity (the “Equity”) into the Property. The Loan to the total costs is only 52.94%. The total cost PSF is only $43.52. The Property is 25% leased. The Borrower already has Colliers International (“Colliers”) signed up as the leasing agent. The Borrower. Thomas is an attorney working at DLA Piper. Thomas is one of the attorneys that the Lender uses for their legal work. The likelihood of default is very low resulting from the relationship. The Lender is very well secured at approximately 50% loan to costs.
Highlights
- Prime Location
- Risk mitigated
- Full Occupancy
- Positive Sponsor Profile
Comments
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