Fix & Flip Loan for SFR in Atlanta, Georgia

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

12/12/2023

Property Type

Single Family Residence

Property City

Atlanta

Property State

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$466,000

Loan-to-Purchase Price

85%

Borrower's Contribution to Purchase

15%

Source of Borrower's Contribution

Cash

Renovation Budget

$100,000

Renovation Budget Funded

85%

Borrower's Contribution to Budget

15%

After-Repair Value

$695,000

Loan-to-After-Repair Value

70%

Renovation Project Scope

Cosmetic

Location Type

Suburban

Property Condition

Good

Number of Units

Building Square Footage

2,006

Lot Square Footage

17,424

Borrower's Plan

Rehab and Sell

Exit Strategy

Sale

Borrower Credit Rating

Good

Interest Rate

9.9%

Origination Points

Deal Summary

Easy Street Capital, a direct private real estate lender, funded a $481,100 1st lien position fix and flip loan for a single-family home in Atlanta, GA. We funded 85% of the $466,000 purchase price and $100,000 renovation budget, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $695,000 so our loan-to-after-repair value was 70%. This experienced investor converted to a 4/s and did extensive cosmetic rehab including a new roof, new kitchen cabinets, and countertops, new flooring on the bottom floor of the house, repaired some flooring throughout the house, and sand and stained original hardwood, new bathroom flooring tiles, new bathroom vanities, remove some kitchen walls and dining walls to open up living room space, paint inside and out, new back deck, some landscaping front and back. The subject property is approximately 2,006 square feet set in a 17,424-square-foot lot. The Borrower had good credit. They plan to sell the property as an exit strategy. The interest rate was 9.9% and we charged 2% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in December 2023.