New Castle, PA
Single Family Home
|
Acquisition Loan
Please note that this investment is now closed. Information below is for historical purposes only.
This recorded 1st position mortgage investment was originated in October 2019 with a Term of 60 Months, and a Target Return of 9.14% p.a.
The loan was used to acquire and renovate a single family home located in the North Hill Historic District of New Castle, PA for Garnaco's Pathway to Homeownership Program.
The Loan was supported by a 1st position mortgage.
The Investor received monthly interest payments, and the Loan was repaid earlier than scheduled (after 38 months) with the Investor receiving a higher return than the Target Return.
Review the details for this Loan below, and to access currently available lending investments, click View Open Investments below.
Basic Investment Details
Investment
$41,600
Asset Type
Monthly Gross
$38
Monthly NET
Cap Rate
65%
Projected ROI
Investor Feedback
“The loan was originally agreed with a term of 60 months. After 38 months, the property was refinanced, and the lender was paid back in full.
This property is now being purchased by the tenant through Garnaco’s Pathway to Homeownership Program."
