Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/29/2020
Property Type
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 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.