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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/09/2023
Property Type
Property City
Essex Fells
Property State
NJ
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$591,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$250,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,072,500
Loan-to-After-Repair Value
70%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
12%
Origination Points
2%
Deal Summary
Real Property Investment Partners, a direct private lender, funded a $757,350 1st lien position fix and flip loan for a single-family home in Essex Fells, New Jersey. We funded 100% of the $250,000 renovation budget and 80% of the $591,000 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The after-repair value was estimated at $1,072,500 so our loan-to-after-repair value was 70%. The Borrower had an excellent credit rating. They plan to sell the property upon completion of the heavy rehab. The interest rate was 12% and we charged 2% origination points. This fix and flip loan was funded in June 2023.
Funded By
Real Property Investment Partners
NO APPRAISAL REQUIRED. Providing institutional-grade lending with a local presence.
Dealmakers
Tibor Wilheim
Managing Director