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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
11/03/2023
Property Type
Property City
Fort Worth
Property State
TX
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$207,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$325,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,110
Lot Square Footage
8,886
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
9.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $226,950 1st lien position fix and flip loan for a single-family home in Fort Worth, Texas. We funded 85% of the $207,000 purchase price and $60,000 renovation budget, while the Borrower contributed 15% cash respectively at closing. The after-repair value was estimated at $325,000 so our loan-to-after-repair value was 70%. The Borrower, a local general contractor, is a novice investor with two completed flips and one rental in the local market. They had good cash reserves and credit. They plan to do a major rehab with some servicing of the utility systems and some demolition. They will be adding one bedroom and one full bath to make the home a 4-bed, 3-bath. The interior of the home will be getting new windows, trim, paint, drywall, flooring, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new framing, paint, pressure wash, and landscaping. The property is approximately 2,110 square feet set in an 8,886-square-foot lot. The interest rate was 9.9% and we charged 2% origination points. This SFR fix and flip loan was funded in November 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Stephen King
Account Executive