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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
12/07/2023
Property Type
Property City
Katy
Property State
TX
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$410,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,000
Renovation Budget Funded
85%
Borrower's Contribution to Budget
15%
After-Repair Value
$575,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
3,481
Lot Square Footage
9,395
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
9.9%
Origination Points
2%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $399,500 1st lien position fix and flip loan for a single-family home in Katy, a city in the Houston metro area. We funded 85% of the $60,000 renovation budget and $410,000 purchase price, while the Borrower contributed 15% cash to the entire project costs, at closing. The after-repair value was $575,000 so our loan-to-after-repair value was 70%. These repeat Borrowers are experienced flippers in the Greater Houston area and are well-capitalized. They will be doing a cosmetic rehab of the subject property with some servicing of the utility systems and demolition. The interior of the home will be getting new drywall, paint, trim, flooring, appliances, and an updated kitchen/bathroom. The exterior of the home will be getting new framing, paint, pressure wash, landscaping, fencing, and a rough clean. The Borrower had good credit. Once the renovation has been completed, they will sell the home. The subject property is approximately 3,481 square feet set in a 9,395-square-foot lot. The interest rate was 9.9% and we charged 2% origination points. This SFR fix and flip loan was funded in December 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals
Dealmakers
Kelly Smith
Senior Account Executive