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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/14/2023
Property Type
Property City
Douglasville
Property State
GA
Loan Term (months)
6
Payment Type
Interest Only
Purchase Price
$170,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$32,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$315,000
Loan-to-After-Repair Value
54%
Renovation Project Scope
Cosmetic
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
1,524
Lot Square Footage
20,124
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.90%
Origination Points
2.5%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $171,700 1st lien position fix and flip loan for a single-family home in Douglasville, Georgia. We funded 85% of the $32,000 renovation budget and 85% of the $170,000 purchase price, while the Borrower contributed 15% cash at closing. The after-repair value was estimated at $315,000 so our loan-to-after-repair value was 54%. The Borrower is a local experienced real estate investor who recently discovered Easy Street Capital. They have successfully completed 4 house flips, all of which are similar in size and age to the subject property. And they had lots of cash reserves. This project was a non-complex rehab with mostly cosmetic finishes required. The subject property is approximately 1,524 square feet set in a 20,124-square-foot lot. The Borrower had good credit. They plan to sell the property upon completion of the rehab. The interest rate was 10.90% and we charged 2.5% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in June 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Taylor Florentino
Account Executive