Wisconsin Fix and Flip Lenders

Easy Street Capital, a direct private real estate lender, funded a $127,500 1st lien position fix and flip loan for a single-family home in Sheboygan, WI. We funded 85% of both the $110,000 purchase price and the $40,000 renovation budget, while the Borrower contributed 15% cash at closing. The after-repair value was $185,000 so our loan-to-after-repair value was 70%. The Borrower is a novice with one completed rental in Alabama. They are currently working on another rental in Wisconsin with great cash reserves. The subject property was approximately 1,619 square feet set in a 6,098-square-foot lot. The Borrower had good credit. They plan to sell the property upon completion of the light rehab. The interest rate was 10.90% and we charged 3% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in May 2023.