Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/06/2023
Property Type
Property City
Savannah
Property State
GA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$305,000
Loan-to-Purchase Price
90%
Borrower's Contribution to Purchase
10%
Source of Borrower's Contribution
Cash
Renovation Budget
$80,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$510,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Heavy Rehab
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,453
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
2%
Deal Summary
Malve Capital, a real estate private lending fund, funded a $354,500 1st lien position fix and flip loan for a single-family home in Savannah, GA. We funded 100% of the $80,000 renovation budget and 90% of the $305,000 purchase price, while the Borrower contributed 10% cash to the purchase at closing. The ARV was estimated at $510,000 so our loan-to-after-repair value was 70%. The Borrower had good credit and is a repeat client. This is our 6th deal we’ve funded for them. They plan to sell the property as an exit strategy upon completion of the heavy rehab. The subject property was approximately 1,453 square feet. The interest rate was 12% and we charged 2% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in November 2023.