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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
05/18/2023
Property Type
Property City
Norfolk
Property State
VA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$350,000
Loan-to-Purchase Price
100%
Borrower's Contribution to Purchase
0%
Renovation Budget
$225,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$829,000
Loan-to-After-Repair Value
69.36%
Renovation Project Scope
Heavy Rehab
Location Type
Urban
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
4,283
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
11.99%
Origination Points
2.75%
Deal Summary
Rehab Financial Group, a private money lender, funded a $575,000 1st lien position fix and flip loan for a single-family home in Norfolk, VA. We funded 100% of the $350,000 purchase price and 100% of the $225,000 renovation budget. The after-repair value was estimated at $829,000 so our loan-to-value was 69.36%. The Borrower put no money down. They had to self-fund the first phase of the rehab budget but we will reimburse them once that phase is completed. The subject property was vacant at closing. It was approximately 4,283 square feet. The Borrower had excellent credit, which is one of the requirements for our 100% financing program. They plan to sell the property upon completion of the heavy rehab. The interest rate was 11.99% and we charged 2.75% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in May 2023.
Funded By
Rehab Financial Group
100% Financing for Rehab, Flip and Construction Projects - NO DOWN PAYMENT!