(#7213) Florida, $20.4m, debt fund: Non-performing residential mortgage loan pool
- Portfolio of 75 single family homes
- Effective yield: 6.0%
- The loans are secured 100% by first mortgages on residential real estate.
- The majority of the homes are in Florida (41%) and Georgia (23%) followed by South Carolina (19%) and Alabama (14%).
- Targeted acquisition price: $14,400,000 ( 30% discount to Unpaid Principal Balance)
Total Loan Balance: $20,405,233
Asset Class: Whole loan
Average Balance: $400,101
Collateral Type: Single Family
We expect to acquire the pool for approximately $14.4 million (70% of outstanding loan value).
Expected Return: 20-25% annualized (18-24 months hold period estimated)