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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/10/2023
Property Type
Property City
Irvington
Property State
NJ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$205,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$69,400
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$428,000
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11%
Origination Points
2%
Deal Summary
Bayport Funding, a balance sheet lender based in Long Island, funded a $243,000 1st lien position fix and flip loan for a single-family home in Irvington, Essex County, NJ. We funded 100% of the $69,400 renovation budget and 85% of the $205,000 purchase price, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $428,000. The Borrower had good credit. They plan to sell the property as an exit strategy. The interest rate was 11% and we charged 2% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in February 2023.
Funded By
Bayport Funding
Balance Sheet Lender for Residential & Multifamily Real Estate Investors
Dealmakers
Boris Feldman
Relationship Manager