)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
08/16/2023
Property Type
Property City
Garland
Property State
TX
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$255,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$63,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$385,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
1,764
Lot Square Footage
9,300
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
9.9%
Origination Points
2.0%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $269,500 1st lien position fix and flip loan for a single-family home in Garland, Dallas County, Texas. We funded 85% of the $255,000 purchase price and 85% of the $63,000 renovation budget, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $385,000 so our loan-to-after-repair value was 70%. The Borrower will be doing a cosmetic rehab of the subject property with some servicing of the utility systems and demolition. The interior of the home will be getting new windows, doors, drywall, trim, paint, flooring, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new framing, siding, paint, pressure washing, landscaping, fencing, and final cleaning. The Borrower plans to sell the property upon completion of the light rehab. The subject property is approximately 1,764 square feet set in a 9,300-square-foot lot. The interest rate was 9.9% and we charged 2% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in August 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Kelly Smith
Senior Account Executive