Fix & Flip Loan for SFR in Baltimore, Maryland

Real Property Investment Partners, a direct lender, funded a $210,000 1st lien position fix and flip loan for a single-family residence in the Pikesville neighborhood of Gwynn Oak, Baltimore, MD. We funded 89% of the $160,000 purchase price and 100% of the $75,000 renovation budget, while the Borrower contributed 11% cash at closing. With the pending acquisition of 6603 Alter St, Gwynn Oak, MD 21207, we were glad to present this asset to our partners as a wonderful and secure investment that has the potential to yield a good rate of return in a minimal amount of time.

Located in Baltimore County in the Lochearn/Gwynn Oak area, this property is in a nice and highly desirable area of the city that consistently yields high rents and has similar properties being sold as Standard Sales within 24 days on the market. The Borrower purchased this property on-market for a cost of $160,000. It had an after-repair value of $325,000 with a loan-to-after-repair value of 66.7%. Once rehab is complete, this home will by far exceed other homes in this market area. The job will include all quality materials, including removing the wall between the kitchen and living room to create an open concept, renovating the kitchen and bathrooms, and adding new flooring and paint. Rehab will not expand the square footage of the property but will convert a half bath into a full bath. The subject property was vacant at closing. It was approximately 1,200 square feet set in a 5,106 square foot lot. The Borrower had excellent credit. They plan to sell the property upon completion of the heavy rehab. The interest rate was 12%. We charged 2% origination points. The loan term was set at 9 months. This SFR fix and flip loan was funded in February 2023.