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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
12/16/2022
Property Type
Property City
Laurel
Property State
MD
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$256,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$110,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$500,000
Loan-to-After-Repair Value
65.88%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Building Square Footage
2,768
Lot Acreage
.79
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
2%
Deal Summary
Real Property Investment Partners, a direct lender, funded a $329,400 1st lien position fix and flip loan for a single-family residence in Laurel, MD, located midway between Washington DC and Baltimore. We funded 85% of the $256,000 purchase price and 100% of the $110,000 renovation budget, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $500,000 so our loan-to-after-repair value was 65.88%. The subject property was approximately 2,768 square feet set in a 0.79-acre lot. It was vacant at closing. The Borrower had good 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 6 months. This SFR fix and flip loan was funded in December 2022.
Funded By
Real Property Investment Partners
NO APPRAISAL REQUIRED. Providing institutional-grade lending with a local presence.