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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
07/18/2023
Property Type
Property City
Vestavia Hills
Property State
AL
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$220,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$110,000
Renovation Budget Funded
80%
Borrower's Contribution to Budget
20%
After-Repair Value
$450,000
Loan-to-After-Repair Value
66%
Renovation Project Scope
Heavy Rehab
Occupancy at Closing
Vacant
Building Square Footage
1,450
Lot Square Footage
21,780
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
10.90%
Origination Points
3%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $264,000 1st lien position fix and flip loan for a single-family home in Vestavia Hills, Alabama. We funded 80% of the $110,000 renovation budget and $220,000 purchase price, while the Borrower contributed 20% cash respectively at closing. The after-repair-value was estimated at $450,000 so our loan-to-value was 59%. The novice Borrower had completed two rentals and had great cash reserves with excellent credit. They will be doing a cosmetic rehab of the subject with some servicing of the utility systems. The interior of the home will be getting a new trim, doors, paint, drywall, insulation, appliances, and an updated bathroom/kitchen. The exterior of the home will be getting new roofing, paint, landscaping, deck, and fencing. The subject property is approximately 1,450 square feet set in a 21,780-square-foot lot. The Borrower plans to sell the property upon completion of the heavy rehab. The interest rate was 10.90% and we charged 3% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in July 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Stephen King
Account Executive