As we’ve written recently, the Atlanta real estate market continues to show strong signs of growth. Sharestates deal activity in the Atlanta metro area, in turn, has kept apace. Multi-family projects, in particular, have kept Sharestates busy in 2018 with 125% more Atlanta loan applications than the same time last year. Below, we’ve aggregated some of our internal loan statistics for the Atlanta metro area and highlighted a few recently funded success stories.
- Sharestates has closed 34 of those loans to date for a total funded volume of $76,465,000
- 33 of the Atlanta real estate loans funded by Sharestates were for multi-family properties
- The remaining loan was for a commercial storefront building
- Average loan size: $2,248,970
- Average loan to value (LTV): 69%
- Average renovation budget: $655,618
- Average after repair value (ARV): 63% or $3,226,749
Commercial Project Success Story
The Sharestates commercial success story (pictured) was for a private loan in the Cascade Heights Commercial District. Cascade Heights is a southwest neighborhood of Atlanta with many amenities that Atlanta residents look for: proximity to downtown, parks, green space, and a rich cultural history that mirrors other desirable Atlanta neighborhoods. The subject property is a 1 story commercial building with 7 storefront units and a basement accessory unit for a total of 11,842 rentable square feet.
- As is value: $710,580
- Preliminary loan amount: $500,000
- LTV: 70%
- Total loan amount: $840,000
- After-repair value: $1,302,730
- ARV: 64%
The borrower previously acquired the subject property and will begin to renovate with a $340,000 budget that includes: sprinkler systems, plumbing, HVAC, interior finishes, electrical, masonry, exterior siding, roof structure, exterior lighting, landscaping, grease traps, windows and doors, and grading. The borrower intends to complete the rehab plans and stabilize the investment, then refinance with traditional financing to repay this loan.
Pre-renovation commercial loan in Atlanta
Post-renovation commercial loan in Atlanta
Multi-Family Project Success Story
The Sharestates multi-family success story (pictured) was for a loan in the Hunter Hills neighborhood of Fulton County, Atlanta. Hunter Hills is west of Downtown Atlanta and consists mostly of single-family residences. The neighborhood is only feet away from the west side of the new Atlanta Beltline that will connect nearly 45 neighborhoods via railroad. The subject property is a 63 unit multi-family apartment building with an office unit. The property sits on 2.1 acres of land and is 49,776 square feet in size.
- As is value: $2,260,000
- Loan amount: $1,880,000
- LTV: 70%
- Total loan amount: $840,000
- After-repair value: $2,835,000
- ARV: 66%
The borrower previously acquired the subject property and will begin to renovate with a $300,000 budget. The borrower intends to complete the rehab plans and stabilize the investment, then refinance with traditional financing to repay this loan. Pictured below are some of the completed renovations to date.
Below are some additional before and after renovation photos of a recently funded Atlanta loan. If you have a project that you would like to submit to Sharestates for consideration, please click here. Sharestates is now funding loans in 46 states Nationwide.
Pre-renovation multi-family exterior loan in Atlanta
Post-renovation multi-family exterior loan in Atlanta
Pre-renovation multi-family unit kitchen
Post-renovation multi-family unit kitchen
Pre-renovation multi-family unit bathroom
Post-renovation multi-family unit bathroom
Pre-renovation multi-family unit bedroom
Post-renovation multi-family unit bedroom
