SUMMARY
- Seeking investor who can provide $600,000 ofsecond mortgage.
- Great opportunity to participate in the shortsale flip transaction --- results in 6 month.
- Guaranteed 10% interest and 25% of capital gain--- projected annualized return of 19% to 49%
- Secure investment with minimum $700,000 inequity.
SECOND MORTGAGE
- We are seeking a investor who can provide$600,000 second mortgage on 2610 Wooldridge Austin Tx 78703, super primelocation luxury proprety in exclusive Pemberton Heights.
- Current lender approved of short sales purchaseat $1.6 milllion, property value is at around $2.3 - $2.4 million, minium$700,000 equity.
- The lender has commited to issue $1.0 million offirst mortgage thus we are seeking $600,000 second mortgage.
- Second mortgag amount is $600,000 for 10%interest. Interest ($5000 a month) will accrued to the principal amountand paid at the time of sales or refinancing ($630,000). The balloonperiod is 6 month.
- In addition, at the completion of resale orrefinance of the property, investor will receive 25% of gross profit. Gross profit is calculated as 90% of resale price (or appraisal value) minus$1.6 million.
- Funding target date is May 10 2011.
- Expected annualized return of 19% to 49% (seebelow chart).
Profit Analysis for Investor
SUBJECT PROPERTY
- - Property Address: 2610 Wooldridge AustinTx 78703
- - 5,258 SQF luxury house on double sized lot 0.65acre(28 226 sqf or 2622m2)
- - 4 bed / 5 bath / 4 living rooms
- - Property Condition property is very goodcondition but needs minor touch up (see attached photos).
- - Located in Pemberton Heights, the mostprestigeous neighborhood in Austin Tx.
- - Property Value: $2.3 - $2.4 million (seeattached comps)
PROPERTY VALUE
- - The most recent two comparable sales inPemberton have is 2422 Wooldridge which sold for $400/sq ft. 1406 Wooldridge ispending at 418 a ft.
- - 2610 Wooldridge is on a 2/3 acre lot (.67 acres)which is a double lot (only one on Wooldrige with access from 2 streets). Theproperty at 2618 Wooldridge, the modern house was listed at $400/sq ft andthere is a smaller house, 6 Green Lane which is 3300 square feet and is listedfor $500/ft.
- - Based on above analysis, we believe the fairmarket value of 2610 Wooldridge is between $2.3 million and $2.4 million.
- - See attached CMA for details.
PROFIT MAKING STRATEGY
- - David Lawrence, renowed contractor on luxuryhouses (see attached resume), will be handling minor remodeling to make theproperty to top condition within a month of upon the closing.
- - David Lawrence will create LLC (name to bedetermined) and this LLC will own the property until it is sold.
- - Once the property rennovation is completed, wewill immediately list the property with the goal of completing transactionwithin 3-4 month.
- Investor will receive 6 month interest even ifproperty is sold less than 6 month.
If you are interested in investing in this excitingopportunty, please contact me.
Gen Shibayama
Oyster Real Estate Investments Inc.
oystersf@yahoo.com
