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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/16/2022
Property Type
Property City
Edgewater
Property State
CO
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$450,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$50,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$600,000
Loan-to-After-Repair Value
68%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
10.75%
Origination Points
1%
Deal Summary
Conventus LLC, a direct private mortgage lender, funded a $410,000 1st lien position fix and flip loan for a single-family home in Edgewater, just West of Downtown Denver. We financed 100% of the $50,000 renovation budget and 80% of the $450,000 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The after-repair value was estimated to be $600,000 so our loan-to-after-repair value was 68%. The Borrower had good credit. They plan to do cosmetic upgrades to the home and eventually refinance into permanent debt and hold the property as a long-term rental. The subject property was vacant at closing. The interest rate was 10.75% and we charged a 1% origination point. The loan term was set at 12 months with no prepay. This SFR rehab loan was funded in December 2022.
Funded By
Conventus
We Fund Fast While Providing Excellent Service and Competitive Pricing
Dealmakers
Lindsey Lawson
VP of Sales