Rehab Purchase Loan for Fix and Flip Project in Glendale, California

Funded by Alta Capital Group

$825,000

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

01/29/2020

Property Type
Single Family Residence
Property City

Glendale

Property State

CA

Loan Term (months)

12

Lien Type

1st and 2nd

Payment Type

Interest Only

Loan-to-Purchase Price

90%

Borrower's Contribution to Purchase

10%

Source of Borrower's Contribution

Cash

Renovation Budget

$150,000

Renovation Budget Funded

100%

After-Repair Value

$1,200,000

Renovation Project Scope

Heavy Rehab

Location Type

Suburban

Occupancy at Closing

Vacant

Number of Units

1

Borrower's Plan

Rehab and Sell

Exit Strategy

Sale

Borrower Credit Rating

Excellent

Interest Rate

8.99%

Deal Highlights

Borrower reached out to Alta just 2 days prior to their deposit going non-refundable.
1st & 2nd trust deeds for a combined 90% CLTV.
We funded 100% of the rehab.
We closed in 10 days.

Deal Summary

Alta Capital Group, a hard money lender, funded an $825,000 1st and 2nd lien position fix and flip loan for a single-family residence in Glendale, CA. The Borrower reached out to Alta just 2 days prior to their deposit going non-refundable and we were able to move quickly to underwrite the investment and give the Borrower confidence that they could trust Alta to perform when it mattered most. Alta financed this deal through its unique Rehab Loan Program at a rate of 8.99% on a 12-month first trust deed at 80% of the purchase price. Alta was also able to provide a 2nd trust deed of $85,000 to raise the initial CLTV to 90% and allow the Borrower to keep more of their working capital in the bank. As part of that program, Alta also provided the Borrower with 100% of their $150,000 rehab budget. This SFR fix and flip loan was funded in January 2020.

Funded By

Alta Capital Group

A Better Way to Borrow

More Deals By Alta Capital Group