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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/09/2022
Property Type
Property City
El Portal
Property State
FL
Loan Term (months)
12
Lien Type
1st and 2nd
Payment Type
Interest Only
Purchase Price
$650,000
Loan-to-Purchase Price
76%
Borrower's Contribution to Purchase
24%
Source of Borrower's Contribution
Cash
Renovation Budget
$308,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,240,000
Loan-to-After-Repair Value
65%
Renovation Project Scope
Heavy Rehab
Property Neighborhood
El Portal
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Deal Summary
Bayport Funding, a balance sheet lender, funded a $806,000 1st and 2nd lien position fix and flip loan for a single-family home in the El Portal neighborhood of Miami, FL. We funded 100% of the $308,000 renovation budget and 76% of the $650,000 purchase price, while the Borrower contributed 24% cash to the purchase at closing. The after-repair value was estimated at $1,240,000 so our loan-to-after-repair value was 65%. The Borrower was a repeat client of ours. We have funded their other recent successful flip projects in Miami-Dade County. We closed the purchase transaction very fast and were quick to provide the rehab draws throughout the loan term. The loan term was set at 12 months. The subject property is approximately 1,700 square feet set in a 6,750 square foot lot. It has 3 bedrooms and 3 baths. This fix and flip loan was funded in September 2022 but completed and put on the market for sale in the Summer of 2023.
Funded By
Bayport Funding
Balance Sheet Lender for Residential & Multifamily Real Estate Investors