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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
11/04/2022
Property Type
Property City
Chesapeake
Property State
VA
Loan Term (months)
9
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$275,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$87,000
Renovation Budget Funded
80%
Borrower's Contribution to Budget
20%
After-Repair Value
$405,000
Loan-to-After-Repair Value
72%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,400
Lot Acreage
4
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Deal Summary
Navigator Private Capital, a nationwide private real estate lender, funded a $290,000 fix and flip loan for a single-family residence in suburban Chesapeake, VA. The purchase price was $275,000 and the renovation budget was $87,000. We funded 80% of the purchase and renovation in 1st lien position. The Borrower contributed 20% of the project costs in cash. The estimated after-repair-value was $405,000 so the loan-to-ARV that we funded was 72%. This single family flip is located on two lots over four acres. The existing house is 1,400 square feet on a 4-acre lot with four bedrooms and two baths. Our clients recognized the potential to turn this house into a family home by opening up the floor plan and adding 800 square feet of living space to the back of the structure. With plans for an expanded and updated master bedroom suite, new roof and windows, and a sparkling new kitchen, this property is destined for greatness. The subject property was in good condition and vacant at closing. The Borrower had excellent credit. They plan to sell the home upon completion of the light rehab. The loan term was set at 9 months. This SFR fix and flip loan was funded in November 2022.
Funded By
Navigator Private Capital
Knowledge. Experience. Integrity.