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80 Central Park West
Offering short link
Raise Details
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Gross Offering$850,000 USD
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Available Units0.00
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Minimum Investment$10,000 USD
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Maximum Investment$850,000 USD
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Open DateSep 01,2022
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Closing DateSep 30,2022
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Investment TypeFirst Mortgage
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Maturity18 months
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Real Estate UseResidential
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Maturity End DateMar 30,2024
Type
| Type | Number of Units | Available Units | Cost per Unit | Payback Per Unit | Gross Offering | Annual Yield | Effective Yield | Term |
|---|---|---|---|---|---|---|---|---|
| Series A | 2.00 | 0.00 | $162,500.00 USD | $200,000.00 USD | $400,000.00 USD | 12.50% | 15.38% | 18 months |
| Series B | 2.00 | 0.00 | $98,750.00 USD | $125,000.00 USD | $250,000.00 USD | 14.00% | 17.72% | 18 months |
| Series C | 2.00 | 0.00 | $74,500.00 USD | $100,000.00 USD | $200,000.00 USD | 17.00% | 22.82% | 18 months |
| Totals | 6.00 | 0.00 | $850,000.00 USD |
Executive Summary
Overview. Chesterfield Faring Ltd (the “Lender”) is providing a new $850,000 first mortgage loan (the “Loan”) secured by the $1.75 million 1,000 SF COOP residential property at 80 Central Park West, New York, New York 10023 (the “Property”), Unit 18-A. The Property faces Central Park with sweeping views, forever unobstructed.
The Borrower. Alexandra Cronin borrowed from the Lender in the past. They honored the terms of their loans. The Borrower’s mother is ill. The Loan proceeds will pay medical bills and overhead until her mother is well again. The interest rate is above market since she cannot work until her mother recovers. Borrower plans to sell within six (6) months. Our term is eighteen (18) months.
The Loan. The gross funded amount of the Loan is $850,000 less closing costs with 18-month prepaid interest reserve. The Loan term is eighteen (18) months with the right to extend for six (6) months for 2.0% payable to the Investors.
Participations. The Loan is divided into three (3) tranches and six (6) units. The Series A has two (2) units at 200,000 face amount per unit at a net amount of $162,500 after deducting $37,500 in prepaid interest. The net effective annual yield is 15.38%. The Series B has two (2) units priced at $125,000 face amount each at a net cost of $98,750 per unit after deducting $26.250 of prepaid interest. The net effective annual rate of 17.72%. The Series C has two (2) units priced at $100,000 face amount each at a net cost of $74,500 per unit after deducting $25,500 of prepaid interest. The net effective annual rate of 22.82%.
Highlights. The Loan is only 38.37% Loan to Value. The Loan is $850,000 and the Value is $1.75 million. The Lender will buy the Loan from the Investors at the $850,000 Loan amount if the Borrower does not payoff within 30 days after the maturity date that includes extensions.
Highlights
- It is not owner-occupied.
- It is valued at $1.75 million (the “Value”).
- Borrower will pledge their COOP shares with recorded UCC-1 to Lender.
- First mortgage loan will be provided but unrecorded unless default.
Comments
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