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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/20/2021
Property Type
Property City
Houston
Property State
TX
Loan Term (months)
9
Lien Type
1st Mortgage
Purchase Price
$182,500
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$125,850
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Deal Summary
Boomerang Capital Partners, a direct lender based in Arizona, funded a $272,850 1st lien position fix and flip loan for a single-family residence in Houston, TX. The purchase price was $182,500. We funded 100% of the $125,850 renovation budget. This was an absolutely incredible renovation by one of our established Borrowers! This beautiful bungalow style home had a complete day and night transformation. Prior to its update, this home was a small 900-square-foot 2-bed and 2-bath home on the brink of decay. The heavy renovation was completed in less than 12 months with a total floor to ceiling (and walls) renovation. They added a bedroom, a bathroom, and a ton of life back into this home and neighborhood. The front porch invites you into a home with open space and a show stopping kitchen. Sleek bathrooms, quartz counters, marble look tile floors, and beautiful fixtures perfectly tie this home together. The loan term was set at 9 months. This SFR fix and flip loan was funded in January 2021.
Funded By
Boomerang Capital Partners
The Best Flippin' Lender for House Flippers