)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/11/2023
Property Type
Property City
Katonah
Property State
NY
Loan Term (months)
13
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,300,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$1,015,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$3,550,000
Loan-to-After-Repair Value
59%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Building Square Footage
6,500
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Deal Summary
Lima One Capital, a lender for residential real estate investors, funded a $2,083,500 1st lien position fix and flip loan for a single-family home in Katonah, NY. We funded 100% of the $1,015,000 renovation budget and 85% of the $1,300,000 purchase price, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $3,550,000 so our loan-to-value was 59%. New York can be a tricky state for lenders, but the team at Lima One used its expertise to close this deal efficiently. The in-house operations, underwriting, post-closing, and legal teams helped to complete this deal to purchase a suburban Westchester County property. The investor plans to repair and update the home, which was built in 1880. A new bathroom will be added along with a new HVAC system. This classic residence will then hit the market for sale, ready to delight new homeowners. The subject property was approximately 6,500 square feet. The loan term was set at 13 months. This SFR fix and flip loan was funded in October 2023.
Funded By
Lima One Capital
The Nation's Premier Lender for Real Estate Investors