Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/16/2021
Property Type
Property City
Los Angeles
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Property Neighborhood
Glassel Park
Deal Summary
S&L Capital Group provided an 80% LTP loan, with no rehab holdback for this flip in the Glassel Park area of Los Angeles, CA. Our Borrowers are established rehabbers that have access to gap funding. As a first-position lender, we do allow our Borrowers to obtain junior financing. For this flip, our Borrowers obtained a junior loan to bridge the gap on the purchase as well as cover their rehab funds.
This deal had its hurdles due to their being a junior private lender. Title tends to get a little hesitant in insuring deals that appear to have too much leverage. S&L Capital Group’s track record with this Title company allowed us to obtain the appropriate coverage and get this one to the funding table in a timely manner. Our team engaged Title as soon as we found out there was going to be a junior lender. This allowed them to work their file without feeling like they arE being “surprised” at the finish line. This SFR fix and flip was funded in June 2021.