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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
09/13/2023
Property Type
Property City
Plano
Property State
TX
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$260,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$25,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$360,000
Loan-to-After-Repair Value
67%
Renovation Project Scope
Cosmetic
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
2,030
Lot Square Footage
7,840
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $242,250 1st lien position fix and flip loan for a single-family home in Plano, Texas. We funded 85% of the $260,000 purchase price and 85% of the $25,000 renovation budget, while the Borrower contributed 15% cash respectively at closing. The after-repair value was estimated at $360,000 so our loan-to-after-repair value was 67%. The Borrower will be doing a cosmetic rehab of the subject with some servicing of the utility systems and foundation. The interior of the home will not be affected. The exterior of the home will be getting new roofing. The subject property is approximately 2,030 square feet set in a 7,840 square foot lot. It’s close to shopping malls and a school. The Borrower had good credit. They plan to sell the property as an exit strategy. The interest rate was 10.9% and we charged 2% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in September 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Gabe Correll
Account Manager