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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
06/08/2023
Property Type
Property City
Cincinnati
Property State
OH
Loan Term (months)
6
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$174,000
Loan-to-Purchase Price
83%
Borrower's Contribution to Purchase
17%
Source of Borrower's Contribution
Cash
Renovation Budget
$30,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$250,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Lot Square Footage
6,273
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11%
Origination Points
2%
Deal Summary
Real Property Investment Partners, a direct private lender, funded a $175,000 senior lien position fix and flip loan for a single-family home in Cincinnati, Ohio. The purchase price was $174,000. We funded 83% of that amount, and the Borrower contributed 17% cash to the purchase at closing. We also funded 100% of the $30,000 renovation budget. The after-repair value was $250,000 so our loan-to-after-repair value was 70%. The subject property was set in a 6,273-square-foot lot. The Borrower had good credit. They plan to sell the property upon completion of the light rehab. The interest rate was 11% and we charged 2% origination points. The loan term was set at 6 months. Cincinnati is one of our favorite markets to lend in, and we have a lot of experience lending there. We don’t require appraisals since we know the market so well. 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