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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
07/31/2023
Property Type
Property City
Manalapan
Property State
NJ
Loan Term (months)
7
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$500,000
Loan-to-Purchase Price
86%
Borrower's Contribution to Purchase
14%
Source of Borrower's Contribution
Cash
Renovation Budget
$200,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$900,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
3,270
Lot Acreage
0.63
Exit Strategy
Sale
Deal Summary
Real Property Investment Partners, a direct private lender, funded a $630,000 senior lien position fix and flip loan for a single-family home in Manalapan, New Jersey. We funded 100% of the $200,000 renovation budget and 86% of the $500,000 purchase price, while the Borrower contributed 14% cash at closing. The after-repair value was estimated at $900,000 so our loan-to-after-repair value was 70%. The Borrower plans to sell the property upon completion of the heavy rehab. The subject property was approximately 3,270 square feet set in a 0.63-acre lot. The loan term was set at 7 months. This SFR fix and flip loan was funded in July 2023.
Funded By
Real Property Investment Partners
NO APPRAISAL REQUIRED. Providing institutional-grade lending with a local presence.
Dealmakers
Tibor Wilheim
Managing Director