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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/22/2023
Property Type
Property City
Columbia City
Property State
IN
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$180,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$30,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$260,000
Loan-to-After-Repair Value
72%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
3,863
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
2%
Deal Summary
Real Property Investment Partners, a direct private lender, funded a $185,000 1st lien position fix and flip loan for a single-family home in Columbia City, Indiana. We funded 100% of the $30,000 renovation budget and 85% of the $180,000 purchase price, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $260,000 so our loan-to-after-repair value was 72%. This was our first fix and flip deal in the state of Indiana. We are excited to take part in bringing charm back to this house for the new homebuyer. The subject property is approximately 3,863 square feet. The Borrower had good credit. They plan to sell the property upon completion of the light rehab. The interest rate was 12% and we charged 2% origination points. The loan term was set at 6 months. This SFR 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
Steve Winter
Managing Director of the Mid-West