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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/25/2023
Property Type
Property City
Austin
Property State
TX
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$1,600,000
Loan-to-Purchase Price
90%
Borrower's Contribution to Purchase
10%
Renovation Budget
$348,900
Renovation Budget Funded
100%
After-Repair Value
$2,700,000
Loan-to-After-Repair Value
66.26%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Building Square Footage
3,297
Interest Rate
11.99%
Deal Summary
Park Place Finance, a national direct private lender, funded a $1,788,900 1st lien position fix and flip loan for a single-family home in Austin, TX. We funded 100% of the $348,900 renovation budget and 90% of the $1,600,000 purchase price, while the Borrower contributed 10% cash at closing. The after-repair value was estimated at $2,700,000 so our loan-to-after-repair value was 66.26%.The Borrower will be doing cosmetic interior and exterior rehab as well as replacing the HVAC System and adding a luxury-style pool. The subject property is approximately 3,297 square feet. This borrower had outstanding credit and extensive experience in the local area. The interest rate was 11.99%. The loan term was set at 12 months. This SFR fix and flip loan was funded in October 2023.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors
Dealmakers
Evan Elizaldi
Account Executive