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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/09/2023
Property Type
Property City
Englewood
Property State
NJ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,425,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Renovation Budget
$400,000
Renovation Budget Funded
100%
After-Repair Value
$2,400,000
Loan-to-After-Repair Value
58.52%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
4
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
11%
Origination Points
2%
Deal Summary
Bayport Funding, a balance sheet lender based in Long Island, funded a $1,400,000 1st lien position fix and flip loan for a 4-unit mixed-use property in Englewood, Bergen County, NJ. We funded 100% of the $400,000 renovation budget and 75% of the $1,425,000 purchase price, while the Borrower contributed 25% cash to the purchase at closing. The after-repair value was estimated at $2,400,000 so our loan-to-after-repair value was 58.52%. The Borrower had excellent credit. They plan to lease the property upon completion of the heavy rehab and will refinance it into a long-term rental loan as an exit strategy. The interest rate was 11% and we charged 2% origination points. The loan term was set at 12 months. This fix and flip loan was funded in March 2023.
Funded By
Bayport Funding
Balance Sheet Lender for Residential & Multifamily Real Estate Investors
Dealmakers
Tali Kabilo
Relationship Manager