Celebrating Our First Successful Hard Money Loan Exit on addy!
We’re thrilled to announce an exciting milestone for the addy community: the successful exit of our very first hard money loan investment! 170 investors have received their full principal back, plus interest. Investors invested in a 3 month term loan and the borrower has repaid the loan in full, plus interest sooner than anticipated. This amount is equivalent to a 13.46% annualized return in 51 days. The gold mini prop is now available in the addyverse!
About Our First Hard Money Loan Opportunity
This first investment opportunity was located in Vancouver, BC, where addy members participated as lenders in a home equity loan backed by a single-family home. Hard money loans otherwise know as home equity loans like this are asset-based, meaning they’re secured by the property itself rather than the borrower’s creditworthiness. Here’s a closer look at the details:
- Property: Single-family home in Vancouver, BC.
- Appraised Value: $2.4 million, appraised by a Certified Residential Appraiser.
- Loan Security: The $100,000 loan was secured with a second lien on the property title, following an existing home equity line of credit.
- Loan Structure: Investors earned three months of interest-only payments, with the principal fully repaid at the end of the term.
With the appraised property value and secured structure, this loan was a strong first choice for our community, offering investors attractive returns and a different risk profile than equity deals.
Interested in Becoming a Borrower?
If you’re a homeowner interested in borrowing through a home equity loan, we invite you to explore our quick and simple process. Unlike traditional banks, the only requirement for a hard money loan with addy is that you own your home. You can apply without impacting your credit score!
Learn more at addyinvest.ca/for-borrowers
Innovating Based on Member Feedback
At addy, our commitment to making real estate investment accessible is matched only by our dedication to evolving based on our members’ feedback. We continually work to understand what our investors want, and their feedback directly informs new product offerings—like this hard money loan. We’re always listening, testing, and implementing innovative solutions that reflect the desires of our community. We strive to remain a forward-thinking, inclusive platform where investors can diversify their portfolios with products that meet their unique goals.
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