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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/24/2019
Property Type
Property City
Alamo Heights
Property State
TX
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$333,000
Loan-to-Purchase Price
90%
Borrower's Contribution to Purchase
10%
Source of Borrower's Contribution
Cash
Renovation Budget
$330,000
Renovation Budget Funded
100%
Deal Summary
Lead Funding, a Colorado-based private lender, funded a $630,000 1st lien position fix and flip private money loan for a single-family home in Alamo Heights, north of San Antonio, TX. The Borrower was an experienced builder who had successfully completed a few other projects in the area and was seeking a new lending partner. The purchase price was $333,000. The Borrower put down $33,000 cash for the purchase, and we funded the remaining 90%. We also provided 100% of the construction budget, which is estimated at $330,000 and will be released in several draws. The existing structure will not be torn down, but the project entails a complete rebuild, plus a 2nd story and additional square footage on the ground floor. Approximately 2,000 square feet will be added to have 5 bedroom, 3.5 baths and a 2-car garage. Upon completion, the Borrower plans to sell the home for around $860,000. The loan term was set at 12 months. This SFR private money rehab loan was funded in July 2019.
Funded By
Lead Funding
Direct Lender Funding up to 100% LTC plus Rehab (max LTV restrictions apply)