Staff Menu (IO ID#: 25980):
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Completed Debt
Residential
Jefferson Dr. Single Family Loan
Plainview, TX
INVESTMENT STRATEGY
INVESTMENT TYPE
Debt
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100% funded
Offered By Borrower for Jefferson Dr. Single Family Loan
%* TARGET IRR 11.0%-%
* TARGET EQUITY MULTIPLE
Estimated Hold Period 12 months
Estimated First Distribution
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Overview
Management

Borrower for Jefferson Dr. Single Family Loan

The Borrower has a credit score over 650 and has completed several hundred rehab projects over the last 25 years. The Borrower also owns a construction company that was used to do the rehab work on this property.

Track Record

Business Plan
Property

At A Glance

Property Type: Residential, Single-Family
Investment Type: Loan Purchase*
Estimated Return: 11% annualized
Loan Term: 12 months
Location: Plainview, TX
   
Loan Amount: $100,000
Current Appraised As-Is Value: $140,500
Loan-to-Value (LTV): 71%
Est. Protective Equity: $40,750

Summary

The borrower is obtaining a loan for the purpose of refinancing a residential investment property. The managing member of the borrower is also the owner of an affiliated construction company, which performed the renovations on the property. The borrower will look to sell the home as quickly as possible to turn a profit. Renovations that have recently been performed on the property since its purchase by the borrower on 12/13/13 include replacing the existing windows and doors, a complete remodeling of bathrooms and kitchen, new paint, flooring, minor plumbing upgrades, minor electrical upgrades, and general clean up items.

Investors will receive interest payments of 11% with a final balloon payment at the end of the loan term. The security interest for the underlying borrower loan is a deed of trust secured by the property in first position.* 

There is a three (3) month prepayment penalty associated with the loan. Any proceeds received from the prepayment penalty will be paid to the investors. For details on the prepayment penalty see the attached Series Note Listing.

The borrower has an option to extend the loan term for 6 months. In the event the option is exercised by the borrower, the loan term may be extended for up to 6 months. As part of the extension, the borrower will pay Realty Mogul, Co. a fee equal to 1.5% of the principal loan amount and Realty Mogul investors shall receive 1/3 of this fee.

Risk Factors**

  • Forward-Looking Statements: Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated,” “projected”, “forecasted”, “estimated”, “prospective”, “believes,” “expects,” ”plans” “future” “intends,”, “should,” “can”, “could”, “might”,“potential,” “continue,” “may,” “will,” and similar expressions to identify these forward-looking statements.
  • Market Risk: Investments related to mortgages secured by real estate are subject to market valuation risks that may be caused by changing economic and local market conditions. The property underlying the corresponding borrower loan is expected to have reasonably acceptable loan-to-value ratios and to meet certain other valuation criteria, but estimated values made when the loan is originated may not fully represent current market values, and subsequent market values will in particular be affected by changing economic or local market conditions. Such conditions are beyond the control of Realty Mogul and of the corresponding borrower on this loan. Such conditions may change due to factors such as local real estate market conditions, prevailing interest rates, the rate of------WebKitFormBoundaryA3sua4ZxhmRJ1O3V Content-Disposition: form-data; name="changed" 1405988938
Location

The property is located in Plainview, TX, a small city located in Hale County. The city is located on the Running Water Draw river at the intersection of Interstate Highway 27, U.S. Highway 87 and 70, State Highway 194, and numerous local roads. The city is located 47 miles north of Lubbock and 76 miles south of Amarillo in the northeast section of the county. Plainview has a population of approximately 30,500 and sits on the Llano Estacado, one of the largest tablelands on the North American continent.

Plainview was originally founded in 1888 and has a rich cultural history that is captured in several of the city's museums, heritage centers, and historical sites. These include the Museum of Llano Estacado which details the regional history of the area and the Plainview Site, a Native American archeological site. Other notable destinations in Plainview include Wayland Baptist University, the Plainview Point Monument, and the Centennial Circle of Honor.  The city is also home to several historic ranches and is a popular hunting destination with prevalent populations of pheasant, dove, sandhill crane, geese, duck, and quail.​

The property is located in a suburban neighborhood in Plainview comprised primarily of single family homes. It is in good condition relative to other homes nearby that are of similar age and size, with the owner having recently completed a rehab of the home. Several of the nearby properties have recently sold at an average price of $140,000 in the past 6 months. The property is in close proximity to the Plainview Commercial Historic District featuring dining, shopping, and the Fair Theater.

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Disclaimers/FAQs
Disclaimers

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