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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
11/03/2023
Property Type
Property City
Levittown
Property State
NY
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$465,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Source of Borrower's Contribution
Cash
Renovation Budget
$300,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$980,000
Loan-to-After-Repair Value
70.92%
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
11.75%
Origination Points
1.75%
Deal Summary
Bayport Funding, a balance sheet lender based in Long Island, funded a $695,000 1st lien position fix and flip loan for a single-family home in Levittown, NY. The purchase price was $465,000. We funded 85% of the purchase and 100% of the $300,000 renovation budget. The Borrower contributed 15% cash to the purchase at closing. The after-repair-value was $980,000 so our loan-to-after-repair-value was 71%. The Borrower plans to sell the property upon completion of the rehab. Levittown is located on Long Island. It is a hamlet in the town of Hempstead in Nassau County. It is located halfway between the villages of Hempstead and Farmingdale.The interest rate was 11.75% and we charged 1.75% origination points. The loan term was 12 months. This SFR fix and flip loan was funded in November 2023.
Funded By
Bayport Funding
Balance Sheet Lender for Residential & Multifamily Real Estate Investors
Dealmakers
Harris Lukashok
Head of Origination