New Castle, PA
Single Family Home
|
Bridge Loan
Please note that this investment is now closed. Information below is for historical purposes only.
This recorded 1st position mortgage investment was for a Term of 36 Months with a Target Return of 10.43% p.a.
The loan was secured against a non-owner occupied single family home located in the North Hill Historic District of New Castle, around 60 miles north of Pittsburgh, PA.
The loan was used to refinance an existing Garnaco Investor Program loan, and release equity for some CapEx repairs, including a new roof.
Income was paid to the Investor monthly, and the loan was repaid earlier than scheduled (after 23 months) with the Investor receiving a higher return than the Target Return rate.
View the details relating to this completed investment below, and for information about currently available mortgage and lending investments, click View Open Investments.
Basic Investment Details
Investment
$42,000
Asset Type
Monthly Gross
$23
Monthly NET
Cap Rate
44%
Projected ROI
Investor Feedback
“As recent retirees, our goal is to build passive monthly income from our Roth IRA. This was one of 3 loans we had funded through Garnaco. We were happy with the return and communication, so we reinvested this payoff in our 4th income-bearing note”
