All projectsOn Track
Riverbend · 2840 Holdings LLC · New Orleans, LA
2840 Belle Chasse
78%
Complete
Est. Nov 18
Projected Margin
$280K
On $1.42M sale price
Loan Terms
Riverbend Community Bank
Commitment$830,000
Balance drawn$614,200
Availability$215,800
RateFixed 7.25%
LTC / LTV82% / 75%
Equity requirement18% cash equity
Interest reserve6 months required
RecourseFull recourse
Equity & Sources
Where the money is coming from
Builder equity planned$190,000
Builder equity invested$190,000
Remaining equity needed$0
Loan proceeds received$614,200
Pending draw reimbursement$54,870
Next 30-day spend$91,800
Remaining Availability
Can the loan still cover the job?
Commitment$830,000
Less balance drawn($614,200)
Less next draw #7($88,500)
Availability after next draw$127,300
Cost remaining to complete$244,800
Coverage gap$29,000
Commitment drawn
74% drawn · $216K available
Next draw
Draw #7$88,500
Target fundingWed, Aug 26
Cash floated until funding$31,200