)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/11/2023
Property Type
Property City
Austin
Property State
TX
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$434,999
Loan-to-Purchase Price
90%
Borrower's Contribution to Purchase
10%
Source of Borrower's Contribution
Cash
Renovation Budget
$94,500
Renovation Budget Funded
100%
After-Repair Value
$662,000
Loan-to-After-Repair Value
73.41%
Renovation Project Scope
Light Rehab
Number of Units
1
Building Square Footage
2,489
Borrower Credit Rating
Excellent
Interest Rate
10.99%
Deal Summary
Park Place Finance, a national direct private lender, funded a $485,999 1st lien position fix and flip loan for a single-family home in Austin, TX. We funded 90% of the $434,999 purchase price and 100% of the $94,500 renovation budget while the Borrower contributed 10% cash to the purchase at closing. The after-repair value was estimated at $662,000 so our loan-to-after-repair value was at 73.41%. The Borrower will be doing cosmetic interior and exterior rehab as well as replacing the HVAC System. The subject property is approximately 2,489 square feet. This Borrower had outstanding credit and extensive experience in the local area. Therefore, they qualified for our Max Leverage Program. We funded the loan in just 8 business days. The interest rate was 10.99%, and the loan term was set at 12 months. This SFR Fix and flip loan was funded in October of 2023.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors