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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/18/2023
Property Type
Property City
Columbus
Property State
OH
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$224,000
Loan-to-Purchase Price
80%
Renovation Budget
$120,000
Renovation Budget Funded
100%
After-Repair Value
$505,000
Loan-to-After-Repair Value
68%
Renovation Project Scope
Cosmetic
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Interest Rate
11.99%
Origination Points
2%
Deal Summary
Park Place Finance, a direct private real estate lender, funded a $344,000 1st lien position fix and flip loan for a single-family home in Columbus, OH. We funded 80% of the $224,000 purchase price and 100% of the $120,000 renovation budget. The after-repair value was estimated at $505,000, so our loan-to-after-repair value was 68%. The Borrower will be performing a cosmetic overhaul on the duplex and intends to rent the property upon completion and will refinance into a long-term rental loan as an exit strategy. The subject property is approximately 2,200 square feet set in a 4,400-square-foot lot in a nice area of Columbus. The Borrower is an experienced investor who has completed 10 fix & flips / fix-to-rent projects over the past few years. The interest rate was 11.99% and we charged 2% origination. The loan terms were our standard 12-month term loan with interest-only payments and no prepayment. This fix and flip loan was funded in October 2023.
Funded By
Park Place Finance
Nationwide Direct Private Lender for Residential Real Estate Investors
Dealmakers
Josh Breadon
Account Executive