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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/31/2022
Property Type
Property City
Washington
Property State
DC
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$667,156
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Renovation Budget
$200,550
Renovation Budget Funded
95%
Borrower's Contribution to Budget
5%
After-Repair Value
$1,120,000
Loan-to-After-Repair Value
75%
Renovation Project Scope
Heavy Rehab
Property Neighborhood
Woodridge
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,300
Lot Square Footage
4,000
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Deal Summary
Navigator Private Capital, a private real estate lender, funded an $840,000 fix and flip loan in 1st lien position for a single-family residence in Washington DC. The purchase price was $667,156 and the renovation budget was $200,550. We funded 75% of the purchase and 95% of the renovation while the Borrower contributed 25% and 5% cash at closing, respectively. The after-repair value was estimated to be $1,120,000 so our loan-to-after-repair value was 75%. Our client meticulously updated this single-family home in a commuter-friendly Woodridge neighborhood home from top to bottom. The Borrower was refinishing the kitchen and bathrooms, installing new flooring throughout, and refreshing the homes’ curb appeal with Hardie plank siding, new landscaping, and additional parking. We expect a quick sale once the work is completed. The subject property was in fair condition and vacant at closing. The building was approximately 2,300 square feet set in a 4,000-square-foot lot. The Borrower plans to sell the property upon completion of the heavy rehab. The loan term was set at 12 months. This SFR fix and flip loan was funded in October 2022.
Funded By
Navigator Private Capital
Knowledge. Experience. Integrity.