This is an opportunity to invest in a portfolio of five distressed SFR properties located in the Greater Cleveland Ohio area.
Preferred equity is senior to Sponsor's common equity
Sponsor does not intend to take out any debt on the properties
Target of a 14% annualized return for preferred equity holders
Anticipated Monthly pro-rata distributions to preferred equity holders based on earnings
Properties will be acquired at a discounted cost
The funds will be used to acquire, renovate and lease five REO single family homes (the “Properties”) located in the Greater Cleveland area. The total project cost includes the purchase price, renovation, holding, and closing costs associated with the Properties.The Project Entity has either purchased the properties or entered into contracts to purchase the 5 REO properties. Once the Properties are purchased and have closed, the Project Manager will begin renovating the properties with the focus on quality, efficiency, and rentability. At this time, the Project Manager expects to close on its acquisition of all homes within 30 days of funding.Once the Project Manager completes the renovations, the homes will be marketed for rent using several well-known rental listing sites. Once the Properties are fully occupied the Project Entity will either refinance the properties to return the capital invested in the project or sell the properties to an investor, long-term, to return the capital. The Project Entity is projecting they will refinance or sell the properties no later than 365 days after the project has been funded.