Fix & Flip Loan for SFR in Dallas, Texas

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

11/27/2023

Property Type

Single Family Residence

Property City

Dallas

Property State

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$965,000

Loan-to-Purchase Price

85%

Borrower's Contribution to Purchase

15%

Source of Borrower's Contribution

Cash

Renovation Budget

$330,000

Renovation Budget Funded

85%

Borrower's Contribution to Budget

15%

After-Repair Value

$1,565,000

Loan-to-After-Repair Value

70%

Renovation Project Scope

Cosmetic

Location Type

Suburban

Property Condition

Good

Occupancy at Closing

Vacant

Number of Units

Building Square Footage

5,107

Lot Square Footage

11,761

Borrower's Plan

Rehab and Sell

Exit Strategy

Sale

Borrower Credit Rating

Good

Interest Rate

9.9%

Origination Points

2.0%

Deal Summary

Easy Street Capital, a direct private real estate lender, funded a $1,095,500 1st lien position fix and flip loan for a single-family home in Dallas, TX. We funded 85% of the $330,000 renovation budget and 85% of the purchase price, which was $965,000. The Borrower contributed 15% cash to the entire project cost at closing. The after-repair value was $1,565,000 so our loan to after-repair value was 70%. The Borrower will be doing a cosmetic rehab of the subject with some servicing of the utility systems, demolition, and foundation. The interior of the home will be getting new windows, doors, trim, drywall, insulation, paint, flooring, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new stucco, framing, siding, paint, doors, landscaping, sprinklers, and a final clean. The Borrower had good credit. They plan to sell the home as an exit strategy upon completion of the rehab. The subject property is approximately 5,107 square feet set in an 11,761-square-foot lot. The interest rate was 9.9%, and we charged 2% origination points. This SFR fix and flip loan was funded in November 2023.