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 originated in January 2023 with a Term of 24 Months, and a Target Return of 10.50% p.a.
The loan was used to refinance an existing Garnaco Investor Program loan, and draw down equity to renovate a single family home located around 50 miles north of Pittsburgh, in New Castle, PA for the purposes of using the property as a non-owner-occupied long-term rental.
The Investor received monthly interest payments throughout the term of the loan, and the loan was supported by a 1st position mortgage secured against the Security Property.
The loan was repaid earlier than scheduled in September 2023 (after 7 months) with the Investor receiving a higher return than the Target Return (12.25% p.a.)
Review the details for this Loan below, and to access currently available performing mortgage and private money lending investments, click View Open Investments below.
Basic Investment Details
Investment
$38,500
Asset Type
Monthly Gross
$7
Monthly NET
Cap Rate
55%
Projected ROI
Investor Feedback
“I have been investing and buying mortgages for over forty years, and through that experience have learned to be very cautious when dealing with a new company. I spent a lot of time doing due diligence on David Garner and Garnaco Properties. I have found David to be very honest and trustworthy. I have been very satisfied with my experience with Garnaco. I have received all payments on time and have been paid off in a timely manner. David has been available to answer any questions and his office staff is excellent. I would not hesitate to continue investing in his properties.."
