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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
05/23/2022
Property Type
Property City
Burbank
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
81%
Borrower's Contribution to Purchase
19%
Source of Borrower's Contribution
Cash
After-Repair Value
$65
Deal Summary
S&L Capital, a California-based lending firm, recently provided an 81% LTC / sub 65% ARV fix and flip loan to an experienced borrower in the greater Burbank area. The Borrower was a licensed general contractor that runs a successful construction company. He came across the subject property that had 400 legal sf that was not being reflected in the public record. He wrote an aggressive closing timeline offer which we were able to close in 10 days from submission to underwriting. Based on his experience in working with the city, he will also be getting plans approved for an additional ADU. These plans will be assignable to the next owner of the property. This fix and flip loan was funded in May 2022.
Funded By
S&L Capital Group
Brea, CA