TCP Fund II is providing both debt ($330k) and gap/equity funding ($20k) to one of our repeat JV partners for a fix and flip of an antique Cape-style home. The property is being subdivided, and the Sponsor will renovate and sell the existing home with our financing, which will be secured by a first mortgage on the existing home lot and a second mortgage on the new construction lot, for which he already has a customer.
Touchstone is providing both debt and gap/equity funding to one of our repeat JV partners to take over the tear-down and new construction of 2 condo units in Hull, MA.
TCP Fund II is providing $50k in acquisition funding. The borrower has the property under contract to purchase for $106,000, scheduled to close in December. Rehab budget is $20-25k with an estimated ARV in excess of $200,000.
TCP Fund I was the lender on this new construction project in Saugus, MA. We closed the transaction in stages, advancing equity into the deal for the borrower to complete the permitting and sitework, and then closing the full $425k construction loan once construction was underway.
TCP Principals made this hard money loan to a seasoned builder with whom we have a long track record. We funded $80k at closing for land acquisition, with the remaining $227k advanced during construction. We closed the loan in July of 2013, construction was completed and the home sold to a retail buyer in April 2014.
TCP is the operating partner and borrower on this 3-unit townhouse redevelopment. We used hard money and equity to purchase the property, and will be using conventional bank financing for the construction. Completed Summer 2016
This is a very typical hard money loan - we advanced $160,000 for acquisition at closing in early September 2014, and will advance the remaining $45k as construction is completed. The scope of work includes a new kitchen, bathrooms, bringing the laundry room up to the second floor, enclosing a porch and some landscape/hardscape upgrades.
Hard money lending, Private money lending, Fix and flip loans, Rehab loans, Construction loans, Preferred equity investments, Mezzanine debt, Mezzanine Funding, Bridge loan, Creative financing, Creative lending, New construction, Commercial Loans on non-owner occupied property, Commercial lending and loans, Distressed lending, Foreclosure financing and investing, Non-performing note investing, DIP Loans (debtor in possession), DPO (discounted payoff), Auction Financing, Condo Development, Fractional note investing, Loan participation, Equity Participation, Joint Venture, Note Purchase, Permitted Land Development, Rehab Loan, Single Family Construction, Subdivision Loan, Transactional Funding