)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
09/27/2023
Property Type
Property City
St. Petersburg
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$315,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$80,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$490,000
Loan-to-After-Repair Value
69%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,263
Lot Square Footage
8,952
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
10.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $335,750 1st lien position fix and flip loan for a single-family home in St. Petersburg, Florida. We funded 85% of the $80,000 renovation budget and $315,000 purchase price, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $490,000 so our loan-to-after-repair value was 69%. The Borrower will be doing a cosmetic rehab of the subject property with some servicing of the utility systems and demolition. It will be a 3/2 combo once completed. The interior of the home will be getting new drywall, paint, flooring, and an updated kitchen/bathroom. The exterior of the home will be getting new roofing and paint. The property is approximately 1,263 square feet set in an 8,952-square-foot lot. The Borrower plans 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
AJ Weed
Account Executive