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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
09/19/2023
Property Type
Property City
DeSoto
Property State
TX
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$213,000
Loan-to-Purchase Price
82%
Borrower's Contribution to Purchase
18%
Source of Borrower's Contribution
Cash
Renovation Budget
$50,000
Renovation Budget Funded
100%
After-Repair Value
$320,000
Loan-to-After-Repair Value
69.9%
Renovation Project Scope
Cosmetic
Building Square Footage
1,500
Lot Acreage
0.27
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
12.49%
Origination Points
2%
Deal Summary
Park Place Finance, a direct private real estate lender, funded a $223,550 1st lien position fix and flip loan for a single-family home in DeSoto, just South of Dallas, TX. We funded 100% of the $50,000 renovation budget and 82% of the $213,000 purchase price, while the Borrower contributed 18% cash to the purchase at closing. The after-repair value was estimated at $320,000, so our loan-to-after-repair value was 69.9%. The Borrower will be performing a cosmetic overhaul on the project and intends to list and sell when completed. The subject property is approximately 1,500 square feet set in a 0.27-acre lot. The Borrower is a first-time investor who will be working with a licensed general contractor to execute the rehab. The interest was 12.49% and we charged 2% origination. The loan terms were our standard 12-month term loan with interest-only payments and no prepayment. This SFR fix and flip loan was funded in September 2023.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors
Dealmakers
Josh Breadon
Account Executive