Recently Closed Single-Family Transactions
This month we are highlighting a few deals from our single-family lending program. DRI Mortgage Lending recently closed (2) single-family transactions in Michigan and Florida. We are a private lender who thinks “outside the box” with flexible lending solutions for real-estate investors.
We recently made a loan for $620,000 on a single family investment property in the Miami, Florida. Due to the borrowers Foreign National status, he was having a hard time getting a conventional bank loan and turned to DRI for help. The property was a waterfront property with a boat dock in an attractive area, Miami Shores. We have an office in Florida and are familiar with Miami-Dade county. We considered the area and evaluated the deal, approving the borrower for a loan at 65% of appraised value with a 5-year term. He was very pleased with the competitive terms and the speed of closing.
We had an investor contact us about a purchase and rehab project in Southfield, MI. He wanted to purchase and rehab a single family investment property with the objective to rent the property once the rehab work was completed. The Borrower had a 612-FICO score, but a good history of buying, fixing and renting homes in the area. The evaluation process was simple and ultimately, we provided a 1-year loan at 75% of the purchase price or 57% of ARV giving the borrower the ability to ready the property for rental.