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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/15/2020
Property Type
Property City
Jacksonville
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$147,500
Loan-to-Purchase Price
84%
Borrower's Contribution to Purchase
16%
Source of Borrower's Contribution
Cash
Renovation Budget
$56,300
After-Repair Value
$238,000
Loan-to-After-Repair Value
70%
Property Neighborhood
Julington
Deal Summary
American Heritage Lending, a national private lending firm, funded a $166,600 1st lien position private loan for a single-family residence fix & flip project in the Julington neighborhood of Jacksonville, FL. The purchase price was $147,500 and the estimated renovation budget was $56,300. The Borrower contributed a cash down payment of $33,900 which amounts to approximately 16% of the total project costs. The estimated after-repair value is $238,000 which puts our loan at 70% LTARV. The Borrower had less than stellar credit, but the loan was still approved based on their experience with flipping houses. The loan was closed in just 7 days! The SFR was completely renovated in 6 months and the fix and flip loan was paid off in January 2020.
Funded By
American Heritage Lending
Direct Lender for Residential Real Estate Investors Nationwide